5 A. Identify and explain two source documents needed to initialize an entry in the books - 5 marks B. List five main importance of using journal - 5 marks C. Missy's Exotic Vacations, Inc., had the following transactions during its first month of operations: June 1 The company received cash of $35,000 and a building valued at $60,000. The corporation issued common stock to the 2 Borrowed $20,000 from the bank and signed a note payable. 8 Purchased equipment on account for $6,000. 9 Received cash of $2,000 for services. 10 Performed services for a client on account, $8,500. 12 Paid office salaries of $2,000 by cash 15 Paid for the equipment purchased June 8 on account. 22 Purchased office supplies and paid cash of $700. 30 Paid auto expense of $400 by cash 30 Paid the monthly rent of $2,200 by cash Required: Record the transactions of the business in the appropriate journal. - 20 marks A- BI Time left 2:42 shareholders.