Exercise 1: (60 points) Recording Besiness transactions. On February 1", Exenda creates a new company provicing accounting servicos investing $20,000 cash in exchange of 1.000 shares of caphal stock. The company will be called Creative accounting Lid The same day the company purchases a small office for $50,000. Pays $5.000 in cash and issues a note payable for the remainder The prico of the building is $40.000 and the land 510,000 On February 2 2s the company hires an employee for 51,000 /month. Salaries are payable the day 5 of the following month. On February 30 the company purchases fumiture for $6.000. Pays $1,500 cash and will pay the remainder in March 15 The same day the company purchases 2 computers for $2,400 On February 15 the company bills client Mc. Happy for $1,600. The clent pays $600 cash and will pay the remainder within one week On February 19 the compary receives an electricity bill to be paid in March. On February 21 the company tecelves the seislement of Mr. Happy's account receivable, On February 28 the company Sends an involce to its client Mr. Brown for services rendered during the month of February for 53.000. The involice should be palid before March 15 1. Prepare the joumal entries for the above mentioned transactions: (30 points) 2. Prepare. ledger account for all the accounts fisted below. (20 points) List of accounts Accounts payable, accounts receivable, cash, noto payable, land, computefs, bulding, salaries payable, tevenue, salaries expense, electricity expense, 3 calculate the balance of each one of the 3 sections of the balance sheet at the end of Fabruary (assets, liabilities owners equity) Show your calculation) (to points)