Coffee Bean Incorporated had the following transactions for the year ended December 31, 2020. 1. On February 1, purchased a piece of equipment to grind the coffee beans for $35,000. To finance the purchase, 20,000 was paid in cash and the remainder was on account. The equipment has a 10-year useful life. 2. Leased a space to sell their coffee. One year's rent of $34,320 was paid on April 1, 2020. 3. Purchased inventory for $704,500, on account. 4. Incurred $106,000 in operating expenses during the year. 5. Sold inventory for $944,800. $90,000 was collected in cash and the remainder was on account. The original cost of the inventory sold was $627,000. 6. Collected $765,600 from customers on account. Required: 1. Prepare the journal entries for transactions 1-6 (8 marks) 2. Prepare the adjusting journal entries at the end of the period (2 marks)