1. (a) Prepare the ledger entries for the following transactions (20marks) (b) Prepare an Adjusted Trial Balance as at January 31, 2022 (25marks) (c) Prepare an Income Statement for the period ended January 31, 2022 (12marks) (d) Prepare a Balance Sheet as at January 31, 2022 (13marks) Dunn Electrical LTD was incorporated on January 1, 2022 with an initial capital of 7,000 shares of common stock having $45 par value. Assume that all transactions except credit were done using cash. During the first month of its operations, the company engaged in following transactions: Date Jan 2 Jan 3 Jan 4 Jan 13 Jan 13 Jan 14 Jan 18 Jan 23 Jan 25 Jan 26 Transaction An amount of $66,000 was paid as advance rent for three months. Paid $76,000 cash on the purchase of equipment costing $120,000. The remaining amount was recognized as a one year note payable with interest rate of 15%. Purchased office supplies costing $23,500 on account (credit). Provided services to its customers and received $84,500 in cash. Paid the accounts payable on the office supplies purchased on January 4. Paid wages to its employees for first two weeks of January, aggregating $19,100. Provided $64,100 worth of services to its customers. They paid $25,900 and promised to pay the remaining amount. Received $34,300 from customers for the services provided on January 18. Received $8,000 as an advance payment from customers. Purchased office supplies costing $25,200 on account (credit). Paid wages to its employees for the third and fourth week of January: $39,100. Paid $7,500 as dividends. Received electricity bill of $44,570. Jan 28 Jan 31 Jan 31 Jan 31 Jan 31 Received telephone bill of $25,594. Paid miscellaneous expenses $55,500