Question 1 (14 marks) (28 minutes) Lalit has decided to open up his own juice bar and incorporated his new business, JuiceHeads Inc. (JH), on July 1, 20x3. He invested $20,000 of his own funds and took back 100 common shares in return. He also obtained a 3-year bank loan for $50,000 on July 1st. The loan bears interest of 6%. The interest is due annually on June 30th. He has decided that December 31st will be the business' year end The following information is also available: 1. On July 18, 20x3, JH entered into a 1-year lease for its retail location. It paid the first and last month rent on that day, Monthly rent is $2,000. 2. On July 3rd, 20x3, equipment was purchased for $10,000 with cash. It is expected to have a 5-year useful life and no salvage value. They plan to use straight-line depreciation. 3. On July sth. 20x3, office supplies of $650 were purchased on account. At year end, there are $350 of office supplies still on hand. 4. On July 28th 20x3, the insurance premium of $3,000 was paid with cash. The insurance covers the period August 1st 20x3 - July 31st 20x4. 5. Lalit offered an annual subscription to a "Juice a day" program. It went on sale Augustist and 50 people bought such memberships for $1.100 each on that day with cash. No other annual memberships were purchased in 20x3. 6. Sales for the period of August 1 - December 31, other than the memberships above, were $50,000 in cash, and $23,000 was paid for COGS during the same period. 7. On December 15th, 20x3. JH declared a dividend of $4,000. It has not yet been paid. Required Record all necessary initial and adjusting journal entries for the accounting events described above