1. The following transactions relate to the business of Patrick Jones. He decides that the accounting period should end on March 31% of every year. 2020 Invested the following to start the business: Cash $20,000: Furniture that cost him $10,000 Jan 1 but with a market value of $7,500; equipment with a book value of $12,000. 1 Borrowed from Town Bank $10,000 at an interest rate of 9% p.a. 10 Invested $ 10,000 in the business in cash. Records were correctly made. 30 Withdrew for personal use $ 2,000 in cash and correctly recorded in the books. Mar 31 Determined that the total sales for the 3 months amounted to $ 90,000. ($30,000 on credit and the balance on cash) 31 Purchased inventory on credit S20,000 and on cash $30,000 31 Paid wages $6,000 31 Paid the interest on the loan taken on January 1, in cash. Required: A Show necessary journal entries for the above transactions