Baraco is a very famous restaurant, located in a Banff Rocky Mountain Resort of AB$.$ Baraco Company Ltd$.$ is formed as a corporation January $1,2023.$

As the Controller of the company, you are required to manage the following transactions, record the journal entries including the adjusting journal entries,

GST returns, file a payroll return with CRA, prepare the period end financial statements, and various cost reports and financial analysis reports.

Transaction $1$

Transaction $1$: January $1,2023,$ common shares are issued for $$500,000$ cash

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Transaction $2$

Due to shortage of cash for the business operations, on January $1,2023,$ the company borrowed $$400,000$ from ClBC bank at $7\mathrm{.}50\%$ interest rate.

The current portion of the loan is $$3,687,$ the long$-$term portion is $$396,313.$

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Transaction $3$

On Janauary $1,2023,$ Baraco paid $$4,200$ to EBS Insurance for a $1-$year business insurance policy with the insurance coverage beginning on Jan. $1,2023.$

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Transaction $4$

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Transaction $5$

January $5,2023,$ Braco purchased an office furniture for $$200,000$ plust GST on account from Leon's furniture store.

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Transaction $6$

January $6,2023,$ Braco hired a contractor, Universal Co$.$ to conduct the renovation for the restaurant for $$350,000$ plus GST$.$

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The project was completed on January $31,2023.$ $$200,000$ was paid in cash, the balance was on account

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Transaction $7$

On Jan. $10,2023$ Baraco purchased a kitchen equipment for $$145,000$ plus GST from K & B Food Equipment, $$52,250$ paid in cash, the remaining balance is on account.

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