Emily's Music AcademyAfter several years as a successful Music Teacher at a School, you decide to quit the job and open your own music academy. You decide that your neighbourhood would be the perfect place to open a music academy. Even better, your friend Grace, a well$-$qualified and Fexperienced music trainer has just moved to Sydney and is willing to work at your academy.You hurriedly prepare to open the Emily's Music Academy by May $1,2023.$ In the first month of operation, on Ist May $2023,$ the following transactions took place.In preparation for your opening, you engage in the following transactions on May I,$2023$: I. You contribute $$50,000$ in cash to start the business$\mathrm{.}2.$ You borrow $$15,000$ in cash from the local bank. This loan will have to be repaid after $3$ years$\mathrm{.}3.$ You purchased $$18,000$ worth of equipment for use during the sessions for cash$\mathrm{.}4.$ You purchased an additional $$9,000$ worth of furniture for cash$\mathrm{.}5.$ You purchased liability insurance at a total cost of $$4,800.$ The policy is for $8$ months from I May, $2023,$ through to $31$ Dec $2023.($Hint: Is this an expense or a prepaid expense?$)$The following transactions took place during May $2023$DateTransactionMay$3$You collected $$5,000$ in total from new members as the membership and music session fee for May $2023$ in cash$\mathrm{.}7$Rent is paid for the month of May $2023$ in cash $$2500\mathrm{.}15$Grace, the qualified music trainer is paid $$2,800$ by cash as salary for May $2023\mathrm{.}21$You want to promote your business, so you planned an advertising campaign costing $ $1000.$ Payment has not yet been made.