Consider the following list of transactions: 1) Provide services to customers on account2) Purchase land by paying cash3) Purchase a fire insurance policy that will provide coverage for a two-year period4) Acquire cash by issuing common stock5) Recognize expense for amount of supplies that had been used during the period6) Receive payment from a customer for services that will be provided over the next six monthsRequired:a) In the table below, indicate the accounts that would be debited and credited for each of the transactions listed above. TransactionAccount to be debitedAccount to be credited1??2??3??4??5??6??b) Indicate how each transaction affects the financial statements using a "+" to signify an increase, "?" to signify a decrease, or "NA" to signify not
affected under each component in the horizontal financial statements model shown below. In the last column, use the letters "OA" for operating activities, "IA" for investing activities, and "FA" for financing activities, or "NA" if the statement of cash flows is not affected.
What will be an ideal response?
a)
| Transaction | Account to be debited | Account to be credited |
| 1 | Accounts Receivable | Revenue |
| 2 | Land | Cash |
| 3 | Prepaid Insurance | Cash |
| 4 | Cash | Common Stock |
| 5 | Office Supplies Expense | Office Supplies |
| 6 | Cash | Unearned Revenue |
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