SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) Dave Shurek started Hindsight Electric in February 2020. Hindsight completed the following transactions during February of the current year: (15 Marks) Feb. 1 Began a Hindsight Electric company by investing $7,000 in cash and computer equipment having a $5,000 fair value. Feb. 2 Purchased electrical tools for $1,100 on account. Feb. 4 Completed hot tub electrical work for $1,900 on account. Feb. 8 Completed electrical panel upgrade for $500 cash. Feb. 10 Paid for the items purchased on credit on February 2. Feb. 14 Paid $1,600 for the annual rent. Feb. 18 Received $900 for the work completed on February 4. D. Shurek withdrew $200 cash from the practice to pay personal Feb. 27 expenses. Feb. 28 Paid the February utility bills, $100. Prepare general journal entries to record the transactions. Include a brief description for each entry. 2) The adjusted trial balance of Richardson Electric at May 31, 2020 is as follows: (15 Marks) Cash Prepaid insurance Equipment Richardson Electric Trial Balance May 31, 2020 Debit Credit $6,000 2,000 18,000 $20,000 1,000 12,700 6,000 Accumulated depreciation, equipment Salaries payable Mitch Richardson, capital Mitch Richardson, withdrawals Repair fees earned Unearned repair fees Insurance expense Depreciation expense Total Prepare the necessary closing entries at May 31. 11,800 1,200 3,500 11,200 $46,700 $46,700