Pizza Ltd uses a perpetual inventory system. Prepare the journal entry or adjusting/correcting entries as required below. a) Pizza Ltd issues 200,000 ordinary shares for $2.00 each to the General Public, payable in full on application. Pizza Ltd receives exactly 200,000 applications with payment on the 10 May (and this was correctly accounted for) and then on the 30 May the directors allot the 200,000 shares. Complete the journal entry Pizza Ltd should prepare on 30 May. [2 marks] DR Cash 400,000 CR Cash Trust 400,000 Select the correct account names to complete the entry (no amounts are required for this journal entry) Amount not required DR CR Amount not required (b) After completing the bank reconciliation for Pizza Ltd for 30 June 2021, it was discovered that a payment owing from a customer was incorrectly recorded in the company records for $2000, instead of $200. Prepare the journal entry to update the company records. [2 marks] Select the correct account names (no amounts are required for this journal entry) Amount not required DR CR Amount not required (c) Land that was purchased 5 years ago at a cost of $5,000 and had been revalued upwards by $900 in the previous period, was revalued downwards by $700 in 2021. [3 marks] Select the correct account names for the entry and the amount for the DR entry (CR amount not required). DR Amount CR Amount not required (d) Pizza Ltd has two products and has 125 units of each in stock. The cost and net realisable value of each of the products are: Product AAA: Cost $33, Net Realisable Value $31 Product BBB: Cost $47, Net Realisable Value $50 Prepare the journal entry required to update the inventory amount in the balance sheet. [3 marks] Select the correct account names for the DR and CR entry and enter the amount for the DR entry (amount for CR not required). Amount $ DR CR Amount not required (e) On 1 February 2021 the company paid $1,800 in advance for one-year insurance services. The payment was correctly recorded in February. [3 marks) Select the correct account names for the DR and CR entry and enter the amount for the DR entry (amount for CR not required). DR Amount CR Amount not required (1) Pizza Ltd's main product is sold with a warranty. Based on prior experience, warranty costs amount to 5% of COGS. This year, COGS was $120,000 and no entries regarding the associated warranty has been prepared. (2 marks]. Select the correct account names (no amounts are required for this journal entry) DR Amount not required CR Amount not required