Here are the current account balances for Sharon's Stones: Income Statement account Sales Revenue Service Revenue Cost of Goods Sold Expense Utilities Expense Amount (dr/cr) 900 cr Cash Balance Sheet account Amount (dr/cr) 4,330 dr 150 cr Accounts Receivable 450 dr 400 dr Inventory 800 dr 220 dr Equipment 3,000 dri Accounts Payable 1,200 cr Bank Loan 2,250 cr Sharon, Capital 5,000 cr Sharon, Withdrawals 300 dri 0 1 2 3 4 5 1) Make the necessary journal entries for the following transactions: 16 7 a) 8 b) 9 c) Aug 31, 2024-Sharon recognizes that her equipment will last 3 years and have a salvage value of $100 at that point. She wishes to depreciate all capital assets on a monthly basis using the straight-line method. Sep 1, 2024-Sharon purchases a $6,000 vehicle financed through a car dealership loan (4% annual interest rate with interest payable every three months). The vehicle is expected to last 5 years with a salvage value of $1,000. Sep 3, 2024-Hugh pays off his remaining debt to Sharon. d) Sep 5, 2024-Sharon pays her supplier for the Aug 11" purchase. 1 e) Sep 9, 2024-Sharon secures a $3,000 contract to produce ten jewellery pieces. The customer will provide the materials and pay at the end. 2 f) Sep 13, 2024-Sharon makes a $950 cash sale. The goods had cost her $450. 3 g) Sep 18, 2024-Sharon buys inventory for $800 on account. 4 h) Sep 21, 2024-Sharon completes a $100 necklace repair on account. 5 i) Sep 25, 2024-Sharon secures a $2,000 contract to produce seven jewellery pieces. The customer pays her up front. 6 j) 7 k) Sep 28, 2024-Sharon repays $750 of her bank loan. Sep 30, 2024-Sharon estimates she has completed two-thirds (66.7%) of the work on the Sep 9" contract and one-quarter (25%) of the work on the Sep 25+ contract. 8 9 0 1 2 3 4 5 6