Part II (30 marks) Meta Company normally adjusts its books monthly. Below are some transactions in January 2022. (1) On 31 January 2022, the Director of Meta used her own money to purchase a $3,000 i-pad for her son to do his school work. Meta recorded it as asset purchased with money borrowed from the Director. (2) On 31 January 2022, Meta recorded and paid $50,000 cash as monthly salary to its staff. There is an unrecorded and unpaid $400 overtime pay. (3) On 1 January 2022, Meta only recorded purchase of a $50,000 equipment on credit. The equipment has a useful life of 50 months using straight-line depreciation. (4) On 1 January 2022, Meta prepaid $2,400 cash as one year rent covering up to the end of December. The total amount was recorded as rent expense on the same day. (5) On 7 January 2022, a customer paid in advance $500 cash for services to be provided by Meta in March 2022. The full amount was recorded as fees earned on the same day. Required: Present your answers in tabular form below and copy the table on your answer sheet. Transactions (1) to (5) above are independent events. Assume other than the entries mentioned in the question were recorded, no other adjusting entries were made by the end of January. Indicate the effects of such errors have on Meta's book as at 31 January 2022. State O= overstated (with $ amount), U = understated (with $ amount) and NE = no effect For example: There is a $500 accrued and unrecorded fees earned for Meta in January. If no adjusting entry is made in January, the effect on the book is: Revenue e.g. U$500 (1) (2) (3) (4) (5) Expenses NE Profit U$500 Assets Liabilities Equity U $500 NE U$500 ~ END OF ASSIGNMENT 1- Page 4 (30 marks)