Fin QUESTION 1 (a) [4 MARKS] On May 1, 2020 Dunlin Development Company borrows $300,000 from Merchants and Marine Bank by signing an 8-month, 8% note. estion REQUIRED: 1) Prepare the entry on May 1 (1 Mark) 2) Prepare the adjusting entry on May 31. (1 Mark] 3) Prepare the entry at maturity (lanuary 1, 2021), assuming monthly adjusting entries have been made through December 31, 2020 [2 marks] i- B 1 Ff T. !!! III % 3 particulars Date May.1. 2020 cash ac dr PHILIPS 5 of Accounting 11 QUESTION 1(b) [2 MARKS] Living Colours does not segregate sales and sales taxes. Its register total for September 30, 2019 is 29,400, which includes a 5% sales tax. REQUIRED: Prepare the entry to record the sales transactions and related taxes. i B I Ff E E % c? PHILIPS