nplease do not answer on paper

Task: Time controlled assignment (40\% of the Fiaal grade) You must answer all the questions in the proposed business case. This task assesses the following learning outcomes: - Identify the steps in the accounting cycle and discuss the role of accounting records in an organization. - Define financial assets and explain their valuation in the balance sheet - Demonstrate understanding of the balance sheet and the accounting equation - Adjusting entries LAUNCH: Week 4/ DELIVERY: To be done in Class - Via Turaitin on Moodle. Submission file format: Exeel decument with all the answers, elearly identifying all steps, results, journals and including comments besides each answer. Froblem 1 On 2 August 2022, Boris Johnson began a new business, called Starbucks Inc., company delivering high quality coffee and beverages. The following transactions were completed by the business during May: 2 Aug Issued to Boris 10,000 shares of capital stock in exchange for his investment of 3,500,000 cash. 3 Aung Purchased a store of 1000 square meters for 3,780,0006 paying 780,000 cash and signing a note payable for the balance. The interest rate for the Note payable is 3% on annual terms, and it will be paid at maturity which will be August 3.2025. 4 Aug Purchased machinery for 1,500.000 in order to be prepared to deliver the product to its customers, and paid cash. 5 Aug Purchased Equipment for 500.0006, he paid 40% cash and received an invoice 5 Aug Purchased Equipment for 500.0006, he paid 40% cash and rece 6 Aug Hired 5 employees with an average annual salary of 16.000 E ,the employees will be paid at the end of every month. 7 Aug Signed an insurance contract for 24.0006, and paid cash. 8 Aug Acquired raw materials for an amount of 300.000, the agreed payment terms were on account 30 days. 31 Aug Sold products until raw materials stock was finished for 1.000.000 to different customers. all sales were paid in cash. Instructions: (1) Record the journal entries for the above transactions. (20 points)