Prepare journal entries for the following transaction 1. The company took a loan from Bank Muscat R050,000 2. Performed services for $16,000 cash. 3) Received an advance RO50,000 for providing services over the next 12 months. 4) Purchased $900 of office supplies on account. 5) The company paid RO4,000 to buy office supplies. 6) Paid salary expense of $14,500. 7) Collected $15,000 in advance for services to be provided over the next 12 months. 8) An physical inspection at the end of the year showed that supplies worth RO2,000 are currently available for use (Check Transaction 5 for office supplies purchased earlier)