In December 2016, the following transactions occurred in Macchiatos Coffee Roasters business that supplies cafs and also

In December 2016, the following transactions occurred in Macchiato’s Coffee Roasters business that supplies cafés and also sells direct to the public:

	Dec.		2		Michael Macchiato invested $2 650 000 into the business of Macchiato’s Coffee Roasters by purchasing a fully equipped coffee  roasting business. The business acquired consisted of the following assets and liabilities:                            Land                               $1 200000                            Building                            1 000000                            Coffee roasting equipment   420000                            Office equipment                    60 000                            Accounts payable                   30000
		5 6 12 14 18 23 30			Purchased some new roasting equipment on credit for $160000. Collected cash from customers for the month, $220000. Paid the accounts payable owing on 2 December when Michael purchased the business. Purchased an insurance policy for the year for $6000 cash. Purchased television advertising for the Christmas — New Year period for $8000 to be paid for in 30 days. Collected fees in cash from customers for the Christmas — New Year period, amounting to $46000. Michael withdrew $8000 cash in order to pay for private Christmas presents and parties.

Required

a. Prepare general journal entries for each of the above transactions and events.

b. Post the entries to ledger T accounts and balance the accounts as at 31 December 2016.