Question 1 2 You are the accountant for Emma's Electronics Ltd., a brand new company and have been given the following transactions to B record. All transactions occurred during the first month of operations in May 2022. The company policy is to present any products 4 to be sold as an inventory asset, not an expense. 5 6 Date 7 May 1/22 8 May 3/22 9 10 May 3/22 11 May 4/22 12 May 5/22 13 May 6/22 14 May 8/22 15 16 May 12/22 17 May 15/22 18 May 20/22 19 May 22/22 20 May 23/22 21 May 28/22 22 May 31/22 CH2 Description Issued shares in exchange for $125,000 cash. Purchased land and building for $52,000 cash (Land value is $12,000 and building is $40,000) Purchased equipment for $33,000 using a bank loan. Purchased materials (inventory) on account for $26,300 Purchased materials (inventory) for cash of $17,300 Paid equipment rent for the month of 5,000 using cash. Purchased the following expenses on account: Advertising $3,120; Office expenses $1,250; Utilities $2,830 A customer orders goods for $43,200 on account. A cash payment of $16,300 is made towards the supplies purchased on May 4/22 The customer who purchased on account on May 12/22, pays cash on their account balance of $15,200 Goods are sold for $51,400 cash. A loan payment is made for $3,300 cash. A dividend is declared and paid by cash in the amount of $15,000 Wages of $9,450 are paid using cash.