Problem 4 (18 marks) (32 minutes) Victor Strait opened an architecture company, the following transactions were completed during December 20x8 Dec 1 Dec 1 Dec 1 Dec 3 Issued 100 common shares of the new company, Strait Ltd., to Victor Strait in exchange for 56,000 cash. Signed a lease for office space paying the first and last months rent on 2 one year lease. The monthly rent ta $1,000 Purchased a two year insurance policy for $1.560 that expires on November 30, 20x10. The policy is effective 25 at Dec 1, 2018 Purchased the office furniture and equipment of a retiring architect for $4,000.paying $1,000 in cash and agreeing to pay the balance in six months. Victor estimated the office equipment and furniture had a useful life of 5 years Completed work for a client and immediately collected $680 in cash for the work done Completed work for JP Developers and sent them an invoice for 51,875 Purchased office supplies on credit for $300 Dec 7 Dec 13 Dec 17 Dec 28 Received $1,875 from JP Developers for the work completed on Dec. 13 Dec 31 Paid 51,300 cash to the office secretary for December's wages Dec 31 Performed a count of office supplies, which revealed that 5200 of the $300 worth of office supplies purchased on December 17 were still on hand Required- Prepare journal entries to record the above transactions including any adjusting entries required at December 31