Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020: Date 1 March 1 March 3 March 5 March 9 March 11 March 15 March 20 March 22 March Transaction Abe Factor invested $50,000 in cash and office equipment at the cost of $12,000 for the business. Prepaid $9,000 cash for three months' rent for an office. Made credit purchases of used office equipment for $6,000 and supplies for $1,200. Completed work for a client and immediately received $6,200 cash. Completed a $4,000 project for a client, who will pay within 30 days. Paid the account payable created on March 3. Paid $3,000 cash for the annual premium on an insurance policy. Received $1,500 as partial payment for the work completed on March 9. Placed an order with a supplier for $4,800 of supplies to be delivered April 7. They must be paid for within 15 days of being received.23 March

27 March

1. March
2. March

Completed work for another client for $2,850 on credit.

Abe Factor withdrew $3,600 cash from the business to pay some personal expenses.

Purchased $650 of additional office supplies on credit.

Paid $860 for the month's utility bill.

Required:

1. Prepare journal entries to record the transactions (If no entry is required for a transaction/event, state "No journal entry required")
2. Prepare ledger accounts for the below accounts assuming that the quarterly financial statements have to be prepared for the quarter ended 31 March 2020:
3. Cash account
4. Account receivable account
5. Office equipment account
6. Account payable account