Glory Pty Ltd starts the new financial year with only two accounts balances. Cash $40 000 and Share capital $40 000. The following transactions occurred during the July 2021.

July	1	Glory deposited $200 000 cash in the bank account.
	5	Paid monthly rent on equipment, $900.
	9	Paid $110 000 cash to purchase land for an office site.
	10	Purchased office supplies on credit, $5 000.
	19	Took out a $70 000 loan from the bank for business use.
	22	Paid $4 000 on account.
	28	Service Revenues earned during the month included $12 000 cash and $ 40 000 on credit.
	28	Paid employees salaries $7 500, office rent $3 000, and electricity and gas $1 500. (Make a single compound entry.)

The business uses the following accounts: Cash; Accounts receivable; Supplies; Land; Accounts payable; Loan payable; Owners equity (or capital); Share capital, Service revenue; Salary expense; Rent expense; Electricity and gas expense.

Requirements

1. Prepare journal entries for the above transactions for July 2021. Narrations (Explanations) are not required. (10 marks)