Mr. Chang Tan first learned to make Mooncakes in Hong Kong at Tai Tam Bakery. In 2001, Chang and his family left Hong Kong and settled in Melbourne. For many years he worked in several bakeries to earn an income and in 2007 Chang decided to manufacture Moon Cakes from his home and to commence his own business. Whilst he had a wealth of knowledge in making the cakes, his accounting knowledge was limited. In 2007 Chang Tan adopted the following accounting policies and practices: . . Chang Tan operated as a sole proprietor (trader) All revenue and expenses were only recognised when receipted or paid. No formal source documents were kept except on scraps of paper and were not filed.e Inventory was only recognised when physically counted. No inventory cards were kepte Personal bills were included with business invoices. No credit was given to customers or received from suppliers. No record of a wage taken was recorded A very limited single entry accounting system was adopted by Chang. . . . . Through hard work and reputation in the industry, Chinese immigration, and large numbers of Chinese students studying in Melbourne, the business grew and in 2014 the business could no longer from an accounting viewpoint exist in its current form. Required: As a newly graduated accounting student, advise Mr. Chang Tan as to what accounting policy changes (refer to 2007 policies) should occur to enhance and grow his business further in Melbourne