Required: Post the journal entries and explanation to demonstrate that you understand the concept. Examples A, B, C and D demonstrate how you are to complete the answers. You may consult with your classmates to complete this homework, but the explanations must be in your own words. Complete and attach Excel T-account worksheet and financial statements. (A) Mia's Initial Investment of 6,000 cash and 200 of equipment. When increasing only Asset accounts, think "D" for debit or deposit. When increasing Owner's Equity accounts, think "C" for credit or Capital. Journal Entry (Left) (Right) Debit Credit Cash Asset account 6,000 Office Equip. Asset account 200 Capital, Mia Wong - Owners Equity 6,200 Mia Wong makes a Capital (credit) investment of 6,200. The transaction is split into two transactions by depositing (debiting) 6,000 to the Asset account Cash, and by depositing (debiting) the 200 equipment value to the Asset account Office Equipment. The two Asset debit entries 6,000 Cash + 200 off. Eq. equals 6,200, which equals the Mia Wong, Capital (credit) investment of 6,200. The accounting equation remains in balance. (B) The law practice bought office equipment for cash, 600. When decreasing only Asset accounts, think "C" for credit or check. When increasing only Asset accounts, think "D" for debit or deposit. Journal Entry (Left) (Right) Debit Credit Office Equipment, Asset account 600 Cash, Asset account 600 Transactions to journalize. 1. The Knock'm Down law firm opened a business bank account by depositing $25,000. Enter each answer between the questions. 2. Received a loan from the bank for $30,000. Terms 5 years, no interest. 3. Purchased supplies with a check, $950 4. Purchased a 1-year business Insurance policy with a check, $1,896. 5. Purchased office furniture from Hill Office Supply for $3,600, paying 10% cash with the remainder on account. Payments terms 18 months, no interest. Depreciate over 36 months with no salvage value 6. Write the Straight-Line Depreciation formula. 7. Received a Rent bill for $2,200. 8. Received an Internet bill for $180. 9. Purchased 3 months of Advertising for $2,400, paying a $240 cash down payment with the remainder on account. 10. Invoiced for Service Fees performed; JJ Watt $7,200, D. Watson $5,800, T. Savage $4,500 & J. Clowney $4,500. Enter as separate Accounts Receivable transactions. 11. Purchased office computers from William's Computers for $8,640, paying $2,000 cash with the remainder on account. Payments terms 36 months, no interest. Depreciate over 3 years with no salvage value 12. Collected cash Service Fees; $3,850, $4,800, $4,500 & $3,500. Enter separately. 13. Received an Electric bill for $840. 14. Received a Telephone bill for 380. 15. Accrued employee Jeff's salary of $1,975. 16. Accrued employee Ann's salary of $2,250. 17. Paid the Rent, Internet, Electric and Telephone bills in full. 18. Paid all salaries. 19. Paid $400 to Hill Office Supply. 20. Paid $500 to William's Computers. 21. Supplies inventory remaining at the end of period is $600. 22. Adjust the Insurance account. 23. Adjust the Office Equipment deprecation account. 24. Adjust the Computer deprecation account. 25. Foot and Balance all accounts. 26. Prepare a Trial Balance sheet. (Do not adjust the accounts again.) 27. Prepare the Income Statement 28. Prepare the Statement of Owner's Equity 29. Prepare the Balance Sheet 30. Explain why the financial reports are to be prepared in order