a. journal entries

b. financial statement

Events: The business you are doing the accounting for is Milu Inc. (Milu)". Milu is a restaurant located in Regina Analyze the following events and prepare any applicable journal entry that is required: 1) Jan 1 - Issued 2,000 shares in total to 2 different shareholders. The shareholders paid S20 per share 2) Jan 2- Paid S7,000 of cash to a landlord for rent. Rent was for the month of Jan 2021. 3) Jan 2-Received a bank loan of $50,000 from CIBC. 4) Jan 3 - Paid $10,000 of cash to purchase furniture for the restaurant. 5) Jan 3 - Paid $30,000 of cash to purchase kitchen equipment for the restaurant. 6) Jan 3 - Paid $2,000 to rent additional kitchen equipment for the restaurant for the month of Jan 2021. 7) Jan 4 - Was invoiced $1.500 for advertising by Instagram Media Inc. This digital advertising will take place over the month of Jan 2021. 8) Jan 7 - Purchased $18,000 of inventory from Sysco Foods Inc. The inventory purchased was as follows: Type Inventory Purchased Units Cost per Unit (Units Bottles) Total 5) 5.000 1.000 Food - Sides Food Meat Bottled Drinks Total 315.000 5 5000 1.000 21 000 Mili paid for all the food on account (at a time in the future). Mili paid for all the bottle drinks with cash. 9) Jan 8 to 28 - Over the month Milu sold the following food and drink. All cash related to these sales was received. Type Selling Prices Units Sold Selling Price Units / Bottles) 3) Total Food - Sides Food - Meat Bottled Drinks 4,000 950 900 7 12 4 28.000 11.400 3.600 Total 23 43.000 2 10) Jan 29 - Paid $19,500 of cash to Sysco Foods Inc. 11) Jan 29 - Paid $11,000 in cash for wages to its employees. 12) Jan 29 - Paid $1,000 of the $1,500 it owed to Instagram Media Inc. 13) Jan 30 - Paid $2,000 of cash to its shareholders via dividends. 14) Feb 1 - Milu sold $500 of giftcards to customer. These giftcards can be used to purchase food from Milu. 15) Feb 1 - Milu wanted to get insurance for its operations. On Feb 1 they paid $4,400 for insurance that covers the following months: Month Cost (5) Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sep 2021 Oct 2021 Nov 2021 Dec 2021 400 400 400 400 400 400 400 400 400 400 400 Total 4,400 NOTE: Only do the entries for the dates given above. Do not create statements for Year-End Dec 31, 2021....instead you are creating them for the period ending Feb 1, 2021