Exercise Topic: Journal Entries 1. Maha started a business Maha Medical Services on January 1 2017 to provide lab services to hospitals and private customers in Abu Dhabi. Listed below are the transactions of the business in the month of January. Required: Using the business' chart of accounts and the template provided, prepare journal entries to record the transactions below. No narratives are required. Date. Transaction. Jan 1 Invested AED100,000 to start the business. Jan 2 Bought medical kits worth AED32,000 from Emirates Medtech. Paid AED12,000 in cash and issued a 2 weeks' Note payable for the balance. Jan 3 Paid one year insurance in advance AED 3,500. Jan 8 Provided services worth AED 12,000. Of these, AED3,800 were cash customers while AED8,200 was to Nasra Company on account. Jan 12 Paid cash AED1,400 to for telephone expenses. Jan 14 Purchased medical supplies for AED 1,800. Jan 16 Jan 17 Jan 19 Paid Emirates Medtech the amount owed to them in transaction of January 2 above. Received a bill from Advertising company to pay AED 1,200 Received half of the amount owed to us from Nasra Company in transaction of January & above. Received AED 3,000 from Arabian School to provide of health checks for its staff The services will be provided during February 2017 Paid salaries staff for the month of January AED5,000 Jan 20 Jan 30 Chart of accounts: Accounts payable Accounts receivable Cash Salaries expense Service revenue Telephone expense Uneamed service revenue Owner's Capital Advertising expense - Medical equipment Medical supplies Note payable Prepaid insurance Shirley