SECTION B (80 MARKS) Attempt All Questions from this Section Q1. The following transactions relate to Philip's enterprise for the month of January, 2021. 1. Mr. Anim deposits $25,000 in a SCB in the name of Debridge Ltd in return for shares of stock in the corporation. 2. Debridget Ltd exchanged $21,000 for land. During the month, Debridget Ltd purchased supplies for $1,350 and agreed to pay the supplier in the near future (on account). 3. Debridget provided services to customers, earning fees of $7,500 and received the amount in cash. 7700 4. Debridget paid the following expenses: wages, $2,125; rent, $800; utilities, $450; and miscellaneous, $275. 5. Debridget Ltd paid $950 to creditors during the month. 6. At the end of the month, the cost of supplies on hand is $800, so $550 of supplies were used or sold. 7. At the end of the month, Debridget Ltd pays $2,000 to stockholders. ?RD. SECTION B (80 MARKS) Attempt All Questions from this Section Q1. The following transactions relate to Philip's enterprise for the month of January, 2021. 1. Mr. Anim deposits $25,000 in a SCB in the name of Debridge Ltd in return for shares of stock in the corporation. 2. Debridget Ltd exchanged $21,000 for land. During the month, Debridget Ltd purchased supplies for $1,350 and agreed to pay the supplier in the near future (on account). 3. Debridget provided services to customers, earning fees of $7,500 and received the amount in cash. 7700 4. Debridget paid the following expenses: wages, $2,125; rent, $800; utilities, $450; and miscellaneous, $275. 5. Debridget Ltd paid $950 to creditors during the month. 6. At the end of the month, the cost of supplies on hand is $800, so $550 of supplies were used or sold. 7. At the end of the month, Debridget Ltd pays $2,000 to stockholders. ?RD