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539,00 750033 Mr. Chen reports the following On January 1 he decided to open a club in the River North area. He named the club Chen's Spy Bar 1. He decided to put $500.000 of his money into the venture. 2. He bomowed $250,000 from the bank at 8% interest. Note due in two years. He gepaid 5,000 3. He signed a signed and prepaid a lease for a commercial space at $5.000 per month, Credcom 4. He purchased a one year lability Insurance policy tor the business at a cost of $36,000. 5. He bought equipment for the bar at at cost of $80,000. (Sound system, lighting, tables and chairs, coolers, etc.). This equipment has an estimated life of three years. 6. He paid his staff- managers, bartenders, barracks, doormen, and security $36,000 in wages for the month of January 7. He paid a Social Media consultant $400 a week for Website, FB, Instagram, Snapchat, Yelp, and Trip Advisor promotion during the month of January. 8. He paid himself $10,000 for General Manager work for the month of January. 9. He sold a private party for the month of February and collected $18,000. 10. He purchased $50,000 of liquor, beer, and soda. At the end of January he counted the inventory on hand and found there was $18,000 of inventory on hand. 11. He collected $317,000 in bar sales during the month of January. 12. He collected $24,000 in total door cover charges during the month of January. Your assignment: a. Prepare a journal of these financial events in good form. b. Summarize the journal entries into T accounts and prepare a General Ledgen c. Make any necessary end of month adjusting entries d. From the adjusted general ledger prepare in good form the balance sheet and income statement at 1/31/18 for Chen's Spy Bar e. What was Mr. Chen's annualized rate of return on his investment