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Week Two Problems and ExercisesACC/290University of PhoenixE3-4(a) 1.Stockholders invested $20,000 cash in the business. 2.Purchased equipment for $5,000, paying $1,000 in cash and the balance of $4,000 on account. 3.Paid $750 cash for supplies. 4.Earned $9,500 in revenue, receiving $4,100 cash and $5,400 onaccount. 5.Paid $1,500 cash on accounts payable. 6.Paid $2,000 cash dividends to stockholders. 7.Paid $800 cash for rent. 8.Collected $450 cash from customers on account. 9.Paid salaries of $3,000.10.Incurred $300 of utilities expense on account.(b)Issued common stock$20,000Service revenue 9,500Dividends (2,000)Rent expense(800)Salaries and wages expense (3,000)Utilities expense(300)Increase in stockholders' equity$23,400(c)Service revenue$ 9,500Rent expense(800)Salaries and wages expense (3,000)Utilities expense(300)Net income$ 5,400E3-9General JournalDateAccount TitlesDebitCreditMay 4Accounts PayableCash7007007Accounts ReceivableService Revenue6,8006,8008SuppliesAccounts Payable 850 8509EquipmentCash1,0001,00017Salaries and Wages ExpenseCash 530 53022Maintenance and Repair ExpenseAccounts Payable 900 90029Prepaid InsuranceCash 1,200 1,200P3-5A(a)DateAccount Titles and ExplanationDebi

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