PROBLEM 3.12 Prepare simple journal entries Prepare joumal entries for the following transactions in December 2022. 1 Borrowed $80000 cash from the bank with an agreement to pay back the loan in 4 years with interest of 10 per cent per annum. 2 Purchased inventory costing $64000 with cash. 3 Purchased additional inventory costing $30000 on credit. 4 Received a $16000 deposit on a rental property to be rented for the month of January 2023. 5 Sold inventory costing $16000 to customers for $29000 on account. 6 Received $11000 from a customer in question 5 . 7 Paid $10000 owing to a supplier