AB set up a business ABC, dealing in papers products and had the following transactions for the month of May 2021: 1: Started business with $1,000,000 in the business bank account and a machine costing $79,000. 3: Bought a delivery van which costs $46,000 from iFast by cheque. 8: AB bought 60,000 boxes of A4 paper costing $30 each and 16,000 boxes of A3 paper at $45 each on credit from Point Trading. 10: 300 boxes of A4 paper and 200 boxes of A3 paper are found to be the wrong specification. Point Trading agrees to accept the retum. 13: Sold 20,000 boxes of A4 paper at $50 each and 10,000 boxes of A3 paper at $68 each to Popular Trading on credit. 15: Sold 4,000 boxes of A4 paper at $50 to JGI Ltd by cheque. 19: Popular Trading retumed 100 boxes of the A4 paper as there were of the wrong colour. 21: AB obtain a bank loan of $600,000 to finance her operation. 23: Paid Point Trading in full settlement of its account. 28: AB gave some boxes of papers worth $5,000 to a needy school as personal donation. Required: Prepare general journal entries