Question 1 (35 marks) Happy Party Limited provides party entertainment to its clients. It started its operation on 1 February 2021 and had the following transactions in February. Feb 1 Issued 200 shares in exchange for $14,000 cash 2 Purchased party supplies for $300 on account. 5 Purchased party equipment worth $10,000 and office furnishing worth $10,000 from Party Equipment Limited by paying $2,000 cash and issuing a 1 year note for the remaining balance. 18 Billed Sunflower Child Care $4,550 for clown services. The entire amount is due 15 March 20 Billed and collected $960 cash for performing at several parties. 25 Paid clown salary in February for $2,180. 26 Collected $4,200 for the amount billed on 18 Feb from Sunflower Child Care. 27 Declared a $200 dividend payable on 15 March. 28 Paid $240 for travel and $480 for party food in February. 28 Paid $200 for the party supplies purchased on 2 February. Required a) Prepare the journal entries for the above transactions in February 2021. No explanation is required. (11.5 marks) The account titles used by Happy Party Limited are: Cash Share Capital Accounts Receivable Retained Earnings Party Supplies Dividends Party Equipment Party Revenue Office Furnishing Salaries Expense Accounts Payable Travel Expense Notes Payable Party Food Expense Dividends Payable b) Post all journal entries in (a) to the ledger accounts using the T-account format. (14.5 marks) c) Prepare the trial balance of the Happy Party Limited as at 28 February 2021. (9 marks)