Khan, a lawyer by profession, always wanted to start a restaurant business. He eventually started a restaurant and named it Fresh Foods on October 1, 2020.The following transactions took place during the first month, October 2020: Oct. 1 Khan opened a bank account for Fresh Foods and deposited $350,000 cash. Oct. 2 Fresh Food borrowed $50,000 from bank against a note payable. Oct. 3 Fresh Foods purchased land and a building at a total cost of $500,000. Land cost $150,000 and the remaining value is attributable to the Building. Of this amount, $100,000 was paid in cash and a $400,000 mortgage note payable was issued. Oct. 6 The cost of building improvements for restaurant was $105,000. Of this amount, $65,000 was paid in cash. The balance is on account payable in three months. Oct. 8 Fresh Foods paid $1,000 for advertising for the month of October. Oct. 10 Fresh Foods purchased an insurance policy for one year paying a total of $4,800. Oct. 12 Fresh Foods purchased restaurant supplies worth $15,000 paying cash in full. Oct. 15 Sales were $25,000 for the first half of the month. Oct. 16 Salaries were paid in the amount of $2,000. Oct. 18 A $300 water invoice was received and paid. Oct. 20 A $1,000 payment was made on the mortgage note payable. Oct 20 A payment of $5,000 was made to the bank in respect of the note payable. Oct. 25 The electricity invoice of $1,300 was received but was not paid by the end of the month. Oct. 27 A full years property taxes were paid in advance. They amounted to $3,600. Oct. 31 Cash sales for the second half of the month were $30,000. Oct 31 The restaurant supplies on hand at the end of the month were $2,000