On March 22nd, The Company sold 1,000 shares for $10,000.00. On March 28th, Office supplies were purchased and on returning to the office it was realized that the invoice print-out was poor. It could only be determined that the VAT was $46.44. At the end of each month, the Administrative Assistant was paid. (No VAT is applicable.) Monthly billings for March totaled $58,000.00 before VAT. Included in this billing was a charge of $15,000.00 before VAT, for services to Goom Bay Holding Company. On April 12th, The Company sold 1,000 shares for $9,500.00. As at March 31st, Clients previously billed paid a total of $45,000.00 on account. On April 30th, The Company issued billings of $70,000.00 for services rendered (after VAT). On April 30th, The directors declared a dividend of 20 cents per share to shareholders of record effective May 15th, to be paid on May 29th. Required: Prepare the Journal Entries for the above transactions. Prepare T Accounts for the above transactions. PART B Based on further discussions with Rola Jampagne, Sepsi Lola, Toor Baer and Koca Lola formed a Corporate Legal Services Company on February 18, 2019 called Rinks Corporate Legal Services Limited (The Company). The Company had an Authorised Share Capital of 100,000 shares at a par value of $2.00. The transactions during 2019 were as follows: February 1st, Sepsi, Toor and Koca took 30,000 shares for: $37,000.00 in cash; $5,000.00 in Office Furniture and $18,000.00 in Office Equipment. On February 1st, The Company leased office premises with a monthly rent of $1,500.00 paying the first and last month's rent and a deposit of $3,000.00. (note: No VAT is applicable for the deposit). On February 1st, A receptionist was hired at $2,000.00 per month. On February 4th, The Company registered for a business licence and paid the fee of $300.00. The Company also registered for VAT and was issued a TIN Number as it was anticipated that annual revenue will exceed $100,000.00. On February 6h, The Company sold 5,000 shares for $30,000.00. On February 7th, The Company bought Office Furniture costing $9,000.00 before VAT (of 12%). A VAT registered Carpenter was also engaged to do leasehold improvements costing $1,200.00 before VAT. On February 8th, Tea supplies costing $280.00 inclusive of VAT and office supplies costing $560.00 inclusive of VAT were purchased. On February 20h, An Administrative Assistant who also served as Receptionist was hired effective March 1st. It was agreed that she would be paid $3,000.00 per month. It was also determined that the receptionist hired on February 1st would be terminated on February 28th. No severance pay would be paid as this would be within the probationary period of hiring. On February 21s, The Company rendered service to a major corporate client and was paid $15,000.00 before VAT. On February 24th, The Company was retained by another major corporate client, Goom Bay Holding Company, to render multiple services and was paid a retainer of $50,000.00. Monthly billings for February totaled $28,000.00 before VAT. On March 22nd, The Company sold 1,000 shares for $10,000.00. On March 28th, Office supplies were purchased and on returning to the office it was realized that the invoice print-out was poor. It could only be determined that the VAT was $46.44. At the end of each month, the Administrative Assistant was paid. (No VAT is applicable.) Monthly billings for March totaled $58,000.00 before VAT. Included in this billing was a charge of $15,000.00 before VAT, for services to Goom Bay Holding Company. On April 12th, The Company sold 1,000 shares for $9,500.00. As at March 31st, Clients previously billed paid a total of $45,000.00 on account. On April 30th, The Company issued billings of $70,000.00 for services rendered (after VAT). On April 30th, The directors declared a dividend of 20 cents per share to shareholders of record effective May 15th, to be paid on May 29th. Required: Prepare the Journal Entries for the above transactions. Prepare T Accounts for the above transactions. PART B Based on further discussions with Rola Jampagne, Sepsi Lola, Toor Baer and Koca Lola formed a Corporate Legal Services Company on February 18, 2019 called Rinks Corporate Legal Services Limited (The Company). The Company had an Authorised Share Capital of 100,000 shares at a par value of $2.00. The transactions during 2019 were as follows: February 1st, Sepsi, Toor and Koca took 30,000 shares for: $37,000.00 in cash; $5,000.00 in Office Furniture and $18,000.00 in Office Equipment. On February 1st, The Company leased office premises with a monthly rent of $1,500.00 paying the first and last month's rent and a deposit of $3,000.00. (note: No VAT is applicable for the deposit). On February 1st, A receptionist was hired at $2,000.00 per month. On February 4th, The Company registered for a business licence and paid the fee of $300.00. The Company also registered for VAT and was issued a TIN Number as it was anticipated that annual revenue will exceed $100,000.00. On February 6h, The Company sold 5,000 shares for $30,000.00. On February 7th, The Company bought Office Furniture costing $9,000.00 before VAT (of 12%). A VAT registered Carpenter was also engaged to do leasehold improvements costing $1,200.00 before VAT. On February 8th, Tea supplies costing $280.00 inclusive of VAT and office supplies costing $560.00 inclusive of VAT were purchased. On February 20h, An Administrative Assistant who also served as Receptionist was hired effective March 1st. It was agreed that she would be paid $3,000.00 per month. It was also determined that the receptionist hired on February 1st would be terminated on February 28th. No severance pay would be paid as this would be within the probationary period of hiring. On February 21s, The Company rendered service to a major corporate client and was paid $15,000.00 before VAT. On February 24th, The Company was retained by another major corporate client, Goom Bay Holding Company, to render multiple services and was paid a retainer of $50,000.00. Monthly billings for February totaled $28,000.00 before VAT