Question 1 (9 marks) Selected independent transactions listed below were recorded during the current year. Required: 1. For each transaction, determine which accounting principle, if any, was violated. State the principle and explain briefly the violation (if any). 2. If there was a violation, show how the transaction should have been recorded (provide the journal entry). 3. If there was no violation and the correct entry was recorded, briefly explain your rationale for that and state that the correct entry was recorded. *You may not use faithful representation or relevance as your accounting principle in any of your responses. Transaction a) On October 29th, the company collected $45,000 cash in advance for merchandise to be available and shipped on November 2nd. This transaction was recorded on October 29th as follows: Cash 45,000 Revenue 45,000 b) In September, the owner of JKL Company purchased a new house for his family by taking out a personal loan. He recorded this personal purchase in the books of JKJ Company as follows: Building 450,000 Bank Loan Payable 450,000 c) In December, Ocular Company purchased a machine with a list price of $100,000 in exchange for 10,000 of their own common shares valued at $12.00 each. They recorded the purchase as follows in December: Machine 120,000 Common Shares 120,000