REVIEW QUESTIONS LO1 1. Explain the purpose of the statement of L01 2. Define and provide examples of the thre SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores ing business. The following transactions occurred durir Classify each transaction as an operating, an investing, (a) Invested cash in the business, $10,000. (b) Paid office rent, $500. (c) Purchased office equipment. Paid $1,500 cash and ag $2,000 in four monthly installments. (d) Received cash for services rendered, $900. (e) Paid phone bill, $65. (f) Made payment on loan in transaction (c), $500. (g) Paid wages to part-time employee, $500. (h) Received cash for services rendered, $800. (i) Paid electricity bill, $85. 6) Withdrew cash for personal use. $100 (1) D REVIEW QUESTIONS LO1 1. Explain the purpose of the statement of L01 2. Define and provide examples of the thre SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores ing business. The following transactions occurred durir Classify each transaction as an operating, an investing, (a) Invested cash in the business, $10,000. (b) Paid office rent, $500. (c) Purchased office equipment. Paid $1,500 cash and ag $2,000 in four monthly installments. (d) Received cash for services rendered, $900. (e) Paid phone bill, $65. (f) Made payment on loan in transaction (c), $500. (g) Paid wages to part-time employee, $500. (h) Received cash for services rendered, $800. (i) Paid electricity bill, $85. 6) Withdrew cash for personal use. $100 (1) D