Flowers Company started operations on January 1, 2020 by depositing $2,000,000 cash in the bank as capital. The following transactions took place during the first month of operations:

January 3: Purchased supplies for $15,000 in cash.

January 13: Purchased equipment for $170,000. paid $70,000 in cash and the remaining amount will be paid after 10 days.

January 15: Paid $16,000 salaries in cash.

January 16: Received a bill from Gulf News for advertising amounted to 1,100.

January 17: The owner withdrew $5,000 cash for personal use.

January 22: Provided services to customers for $130,000 in cash.

January 23: Paid $100,000 for equipment purchased on Jan 13.

January 31: Paid $4,000 utilities expense in cash.

Required:

1. Prepare journal entries to record the above transactions. (5 marks)
2. 2- Post to the appropriate ledger accounts. (5 marks)