Mr. Chen reports the following: He named the club Chen's On January 1 he decided to Spy Bar open a club in the River North area. He decided to put $500,000 of his money into the venture. 2. He borrowed $250,000 from the bank at 896 interest. 3. He signed a signed and prepaid a lease for a commercial space at $5.000 per month. 4. He purchased a one year liability insurance policy for 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 1. Note due in two years. He Jepaid 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 Ledger. 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? Rer