Revision Date:01/09/2021 Ref No. LCT-ACAF-ACAFO- FRM.031.01 Group Work #1 Question 3: Tanaka Company provides a summary of its transactions for January 2021, the company's first month of operations. 1. Purchased equipment for $9,800 paid $5,000 cash and the balance on account. 2. Billed customers $7,000 for services performed. 3. Made payment of $2,400 on account for equipment purchased earlier in month. 4. Collected $6,500 on customer accounts. 5. Received $2,000 cash for services to be completed during Februry 2021. Required: A- Journalyze the above transactions for the month of January. (5 marks: each transaction 1 mark). B- Post the journal entries to T-accounts. (5 marks: 0.75 mark for each account and 1.25 mark for the cash account). Solution question 3: A-Journal entries Transaction Account titles Debit Credit Page 4 of 5