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In December 2021, Mr. Lam organized a corporation to provide delivery services. The company, called Lam Transportation Limited, began operations from 1st January 2022. Transactions during the month of January 2022 were as follows: 1 1 Jan. The owner paid $200,000 cash to buy 200,000 shares of Lam Transportation Limited. 2 1 Jan Paid $18,000 to rent an apartment situated in an industrial building. The rent is $6,000 per month and paid on quarterly basis on the first day of each quarter. 3 1 Jan Purchased a one-year insurance policy on 1 January for $27,000. 4 4 Jan. 5 6 5 Jan 6 Jan Purchased a delivery van for $132,000. Made a $40,000 cash down payment and issued a note payable for the remaining balance to be paid six months later plus interest charge. The interest rate is 12% per year. Purchased a computer $9,000 and a printer $2,100, paid by cash. Purchased supplies $1,450 and paid by cash, the supplies are expected to be consumed in the coming few months. Placed a newspaper advertisement in the Daily News to be published next Monday. Lam will pay for the advertisement fee of $580 next month. Issued an invoice to a customer, Apple Hotel, $24,500 for services for the first half month of January. 7 8 15 Jan 9 22 Jan Collected $11,300 of the amounts billed to Apple Hotel on 15 January. 10 31 Jan Collected $60,000 from cash customers during the month. 11 31 Jan Received a $16,500 bill from Caltex Petroleum for fuel purchased for the delivery van. The entire amount is due by 15 February. Paid $28,000 in wages earned by employees during January. 12 31 Jan 13 31 Jan Write adjusting entry for the insurance, item (3) 14 31 Jan Write adjusting entry for the note payable, item (4) 15 31 Jan The delivery van depreciated $1,100 per month. 16 31 Jan Write adjusting entry because the supplies (item 6) in hand reduced to $920. Required: a. Prepare journal entries (no explanations) for the above transactions. (36 marks) b. Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of January 2022. (19 marks) Income Statement Revenue - Expenses = Profit Statement of financial position Assets = Liabilities + Equity Transaction 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total