The following are independent transactions for different businesses. 1. Lagace Enterprises signs a $23,400 note and gives cash of $5,000 to a supplier in exchange for equipment it purchased June 1. The term of the note is one year and the interest rate is 8% due at maturity. 2. Mowat Consultants orders supplies on July 4 and agrees that it will pay $1,360 within 30 days from the date of delivery. Delivery is expected in 7 days. 3. Meagher Manufacturing purchases a parcel of land for $150,700 cash on August 15. An appraiser for Meagher valued the land at $164,000. 4. Shak Insurance Co. receives $4,600 cash on Feb. 1 from a customer Larson Repairs Ltd. for coverage for a one-year policy. Answer from the point of view of Shak Insurance Co. 5. Shak Insurance Co. receives $4,600 cash on Feb. 1 from a customer Larson Repairs Ltd. for coverage for a one-year policy. Answer from the point of view of Larson Repairs Ltd. For each transaction, indicate the basic type of account debited/credited (asset, liability, owner's equity), specific account debited/credited, the effect of a debit/credit on the account, and the amount. (If an amount decreases the balance of Asset, Liability or Owner's equity then enter with negative sign e.g.-15,000 or in parenthesis e.g. (15,000). Select NA for No Entry.) Date Basic Type Increase/Decrease Specific Account June 1 Debit Credit Credit July 4 Debit Credit > Aug. 15 Debit Credit Feb. 1 Debit Credit Feb. 1 Debit Credit