1. Large Mart, in its mission to simplify student life, has been working on a "Brain Charge Pillow", a product that would allow students to absorb study material during sleep. Recently, they discovered a similar device patented by an American company, Beeple. The product, named iDream, made Large Mart reconsider its development efforts, and it has now decided to sell the Beeple product instead.

To market iDream, Large Mart has leased an additional storefront in Armidale for 12 months, starting 1 May 202x. Rent, at $4,000 monthly, must be prepaid in full for the contract duration on 1 May.

Simultaneously, Large Mart has hired a UNE student, Rose Dawson, to manage an iDream fan-site on Facebook. Rose will work for three hours daily (all week), beginning 1 May. Her wage is $30 per hour, to be paid on 5 June for her May work.

The new store's furniture, including a large bed for testing iDream, is designed in Shanghai and made in Melbourne. The bed is delivered on 1 June, accompanied by a $50,000 invoice from the Melbourne manufacturer and a $10,000 invoice from the Shanghai designers. Large Mart's sales director, during a business trip to Melbourne, approved the bed's final design. The directors trip, costing $2,500 (including an additional taxi fare to the manufacturer), is payable on 15 July.

On 1 June, Large Mart orders 30 iDream units from Beeple at $800 each, paid on 20 June.

The subsequent transactions occur:

• UNE buys 10 iDream units for the library at $1,500 per unit on credit on 10 June, paying on 15 June after a 10% early payment discount.
• On 17 June, UNE returns two damaged iDream units. Large Mart updates UNE's invoice and destroys the damaged units.
• On 18 June, Large Mart orders another 60 iDream units from Beeple at a special price of $650 each. Payment is made two days later.
• On 20 June, Wright College purchases 10 iDream units from Large Mart for $1,600 per unit, making the payment on the same day. Large Mart offers a 5% trade discount to Wright College for this transaction.

On 1 July 202x, Large Mart leases a company car for the service department of the new store (called the Nerd Herd). The duration of the lease is 5 years, and the car has an expected useful life of 8 years. The lease contract requires Large Mart to pay $10,000 (via bank transfer) on 30 June of each year during the lease period. The lease contract states that Large Mart may cancel the lease once the contract is signed, but that Large Mart will have to pay a fee of transaction fee of $100 of the lease is cancelled prior to the end of the contract. At the end of the lease period, Large Mart will be able to purchase the car for a payment of $10,000. It is expected that the car has a fair value of $5,000 at the time Large Mart is able to exercise the purchase option. The interest rate in the lease is 12%. Large Mart decided to enter into the lease agreement instead of purchasing the car because the purchase price would have been $41,000 and Large Mart did not have sufficient cash resources to make such a purchase at that time.

Please answer this question about the scenario outlined above:

Provide all journal entries that are necessary in the books of Large Mart to account for the signing of the renting contract, the payment of rent for the duration of the contract, and the incurrence of rent for the months of May and June.

Remember that you MUST use the account names and numbers in the Large Mart Chart of Accounts when answering the question

This is a question of intermediate financial accounting and the course is master of professional accounting. Please answer according to the course and unit requirements. Please provide response that answer the question well. All components of the answer must be correct in all respects.