Parakeet Limited Adjustment Journal Entries and Receivables / Payables Ledgrs Parakeet Limited hired you for the position of Account Manager, a newly establised business entity. Following are the transactions for its first month of business operations Jan 2019: 1) Set up the entity with capital in cash of 65,000 paid into a bank account 2) Bought goods on credit from C Jones for 18.000 3) Credit sales: Bird 6,600, D Swann 2.500. Swallow Lid. 4,300 (Total 13.400) 4) Purchased goods for cash (by cheque) 2,300 5) Bought second hand motor van for 25.600, paying by cheque. 6) Paid motor expenses 1.200 7) Credit sales: M Parrott 2,400, Canary Ltd. 2,600, G Finch 6,800 (Total 11.800) 8) Purchased goods on credit: C Jones 24,000, E Davies 6,200, A Evans 4,600 (Total 34,800) 9) Purchases returned to C Jones 2,500 10) Sales returns from D Swann 1.100 11) Cash drawings taken by owner of the business: 4,400 by cheque. 12) Payments made to E Davies 6,200, A Evans 4,600 Total 10,800). All payments were made by cheque. 13) Received payment from Bird: 6,600 by cheque. 14) Received payment from Swallow Ltd. : 4,300 in cash which was kept in the office 15) Purchases returned to C Jones: 4,200 16) Purchased stationery 400 (record as sundry expenses) using cash. 17) Credit sales: D Swann 4.200, Canary Lid. 5.400 (Total 9.600) Required: Prepare journal entries to show how the following transactions in Jan 2019 should be recorded in the main ledger accounts of Parakeet Lad. The accounting system contains a receivables ledger and a payables ledger for individual accounts, and there are Control Accounts total accounts) for receivables and payables in the main ledger You are not required to include any narrative in the journal entries. Post the transactions in the Receivables Ledger Accounts (Prepare separate ledgers for each customer) Post the transactions in the Payables Ledger Accounts (Prepare separate lodgers for cach Vendor)