QUESTION 1 (20\%) Tom's Company, a retailer, had the following account balances as of April 30, 2022: During May, the company completed the following transactions. Required: Prepare the journal entry for each transaction. The information presented below is for Lorna bubble tea shop. The trial balance of Lorna bubble tea for December 31, 2021, the first month of operations, is shown below. End-of-month adjustments must account for the following: a. The supplies were purchased on December 1, 2021; inventory of supplies on December 31 , 2021 , showed a value of $6,000. b. The prepaid advertising contract was signed on December 1, 2021, and covers a four-month period. c. Rent of $6,000 expired during the month. d. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of five years with no salvage value. Required: Journalizing adjusting entries for each transaction. Using the information above, complete the worksheet for the month (TIPS: Worksheet has the trial balance section, the adjustments section, the adjusted trial balance section, the income statement and the balance sheet sections). QUESTION 4(10%) Based on the answers from question 3, please prepare Lorna Bubble Tea's income statement for the month ended 31 December 2021. QUESTION 5 (35\%) Based on the answers from question 3, prepare Lorna Bubble Tea's statement of owner's equity and balance sheet at 31 December 2021