Q7. Prepare journal entries to record the transactions that occurred during December when Leonard Travis started his Financial Services Business. It is not necessary to provide descriptions for each journal entry (5 marks). Date Transaction 1 Began Financial Service Business by investing $15,000 cash and office equipment worth $5,000. 2 Purchased $1,200 of office equipment on credit 3 Paid annual insurance premium of $960. 8 Purchased $300 of office supplies on credit 12 Completed work for Acme Loan Co. on credit, $2,700. 13 Completed work for a client and immediately received payment of $900 cash. 19 Paid for the supplies purchased on Dec 8. 23 Received $1,700 from Acme Loan for work completed on Dec. 12. 28 Received $2,000 from client for services to be provided next year. 30 Paid $175 for electricity used during Dec. Date Journal Entry Dr. Cr. 1 2 3 8 12 13 19 23 28 30