1. Prepare the journal entries and adjusting journal entries to record the transactions in the table below (the financial year of 2021 is from 1 July 2020 to 30 June 2021) Note: if a data field is not required enter "n/a" in the data field and commas () are NOT required to be entered in between numbers. The transactions below take place during July 2020 unless stated otherwise Account name Credit (Note: Only account names are required and NOT Dr or Cr before each account) Debit (You don't need to put a dollar sign $ or comma, in between numbers) (You don't need to put a dollar sign $ or comma, in between numbers) a) Purchased $55,000 worth of inventory on credit b) Issued shares for cash consideration of $300,000. c) Purchased a Motor Vehicle for $48,000 on credit. The motor vehicle has a useful life of 10 years Adjustment on 30 June 2021 $ d) Sales on credit for $900,000 and the cost of the inventory is $280,000 (invoice sent to the customer) e) An Accounts Receivable customer paid Kumar Ltd $72,000 cash for payment on their outstanding account. f) Paid wages on 1 July 2020 for wages that were incurred in the previous period (ie up until 30 June 2020). g) On 1 July 2020, paid rent in advance of $68,000 for the 2021 financial year (1 July 2020 to 30 June 2021). Adjustment at 30 June 2021 h) The Equipment has a net balance of $2,560,000 as at 30 June 2020. The actual accumulated depreciation balance is $640,000 at that date. Calculate the depreciation assuming the equipment has a useful life of 10 years. i) Dividends of $200,000 were declared on 1 July 2020 Paid $100,000 of the declared dividends on 31 December 2020 and the balance will be paid 31 August 2021 1) Borrowed $100 000 from the bank on 1 July 2020. The loan is due to be repaid on 30 June 2021 and carries a 10 per cent per year interest rate. Interest for the loan is payable at the end of each financial year. Interest of $6000 had been paid on this loan during the 2021 financial year (ie 1 July 2020 to 30 June 2021). k) On 1 November 2020, paid $24,000 for an insurance policy covering 1 November 2020 to 31 October 2021. Adjustment at 30 June 2021 1) Wages incurred for the month of June 2021 totalled $100,000 ($70,000 had been paid to the employees on 30 June 2021 and the remainder will be paid on 31 July 2021). Cash at bank m) Kumar Limited is owed $10,500 in interest from the bank at financial year end June 2021. n) The Unearned Service Revenue account has a balance of $50,000 as at 30 June 2021