Alfred Chan opened Mega Sports Limited (MSL'), a sports equipment store, on 1 September 20X1. MSL completed the following transactions during September 20X1, its first month of operation: 1 Sept Received $500,000 of cash investment from Alfred, the sole proprietor 1 Sept Prepaid office rent of $33,000 in cash. 2 Sept Purchased $150,000 of office equipment for business, of which $100,000 was paid in cash and the remaining amount to be paid to Best Office Limited within 30 days. 5 Sept Purchased $85,000 of inventory. Amount is payable to the supplier within 60 days. 12 Sept Made a sale of $57,500 on 30-days credit to 24H Fitness Centre. The cost of inventory sold is $46,000. 13 Sept Settled the amount payable to Best Office Limited. 15 Sept Made a cash sale of $29,250. The cost of inventory sold is $22,500. 20 Sept Received $30,000 cash from a customer. The products are to be shipped to the customer at 15 October 20X1. 22 Sept Alfred withdrew $20,000 for personal use. 28 Sept Received a payment of $37,500 from 24H Fitness Centre. Additional information: a Assume there is no shipping fee for all purchases and sales. b The monthly rent of the office is $11,000. Assume depreciation is recorded only at year end, thus it can be omitted at the month end. d Since the last day of the month is a Sunday, the salary expense of $25,000 needs to be accrued at the month end. Required: 1 Prepare journal entries to record the above transactions, including any necessary month-end adjustments. Explanations are not required (29 marks) 2 Open the following T-accounts: Cash; Prepaid rent; Office equipment; Inventory; Accounts receivable; Accounts payable; Unearned revenue; Salary payable; Capital; Withdrawals; Revenue; Cost of goods sold; Rent expense; Salary expense. Post the journal entries from requirement 1 to their relevant T-accounts. You are required to show the ending balance of each T-account. (14 marks) 3 Prepare MSL's income statement for the month ended 30 September 20X1 (8 marks) 4 Prepare MSL's balance sheet as at 30 September 20X1. (14 marks)