P1.1 Study the restaurant transactions for the month of March 2006 shown in the following list, and record the necessary journal entries, skipping a line between each entry. Journal entries and modified T ledger accounts can be prepared easily on lined paper following the examples shown in the text. To further simplify the problem, use the following account titles shown by category to prepare modified T accounts: Balance Sheet Accounts Assets: Cash, Credit Card Receivable, Accounts Receiv- able, Food Inventory, Beverage Inventory. Prepaid Rent, Prepaid Insurance, Supplies, Equipment, and Furnishings. I. Liabilities: Accounts Payable, Note Payable, Ownership Equity: Capital. Income Statement Accounts Sales Revenue, Salaries Expense, Wages Expense, and Interest Expense. a. The owner opened a business account and deposited $60,000 in the bank. b. The owner borrowed and deposited $30,000 on a note payable to the bank. C. The owner paid one year of rent in advance on the restaurant space, $18.000 cash d. The owner purchased equipment $46,000: S16,000 in cash and the bal- ance on account e. Furnishings were purchased for $30,400 cash. f. The owner purchased $3,200 of food inventory on account and paid $3,800 cash for beverage inventory