Background and Content: You have just been employed as the financial accountant for a small restaurant business called Clean Away. Your first task is to record the transactions for the month of December 2020, and prepare the income and balance sheet statements for the financial year ended 31 December 2020. Assessment Tasks: The abridged balance sheet for Clean Away as at 30 November 2020 is as follows: Assets $ Liabilities and $ Owner's Equity Cash 11 000 Accounts payable 4 000 Accounts receivable 8 000 Long-term loan 280 000 Inventory 24 000 Share capital 28 000 Prepayments 3 000 Retained profits 4 000 Equipment 300 000 Less Accumulated depreciation 30 000 316 000 316 000 a. C. The following transactions occurred during December 2020: Paid $500 of Accounts payable. b. Received $1 500 from Accounts receivable. Purchased inventory on credit for $1 000. d. Made credit sales of $5 000 and COGS was $2 500. Rent expense of $300 was paid in cash. f. Depreciation of $500 was recognised. g. Prepayments (for Insurance) of $500 expired during the month. h. Dividends of $1 000 were paid. i. Paid back $2 000 on the Long-term loan. j. Paid the monthly wages bill of $1 000. e. Complete the following five tasks: 1 Prepare the journal entries for each of the above ten (10) transactions. 2 Post the above ten (10) journal entries to their ledger (T-) accounts. (5 % Marks) (9 % Marks)