Assume that you are an accountant in a new established company and you have been asked to build an accounting system using Microsoft Excel. Build a full accounting system that represents the full accounting cycle for a chosen period (1 year) begins from 1st January 2018. Instructions: Make at least 7 journal entries additional to the entries given below; Make 3 adjusting entries additional to the adjusting entry provided below Transactions required recording 1. Payment for 1 year medical insurance policy starts from 1st March 2018 2. On 1st Jan 2018 applied for a 1 year short term loan with an interest of %10 due on 30 June 2018 3. Purchased furniture on 31 March 2018 Amount 420,000 $1,000,000 $75,000 Adjusting Entry: 1. Furniture useful life is 3 years and it has an estimated residual value of $15,000. The company is using straight line method for depreciation