QUESTION 1 Tim just started his business Godox Lighting in Calgary, AB, this year. He provides lighting rental service in the film industry, during 2021: May 1 Tim invested $250,000 in Godox Lighting. May 1 Tim purchased an annual business insurance and paid $12,000 in cash May 1 Tim hired a store manager and agreed to pay her $3500 monthly salary. May 1 Tim purchased lighting equipment for $100,000 in cash. May 1 Tim hired a logo designer to design his company logo. May 1 Tim purchased a truck and paid $65,000 in cash May 4 Purchased $500 office supplies on account, which is due in 10 days May 5 Received a cheque in the amount of $25,000 from his customer as a prepayment for lighting equipment rental next month in June. May 6 Completed a lighting rental project for Netflix studio and billed them $27,000 for the work. May 8 Purchased a laptop computer for $3,000 in exchange for a note payable due in 45 days. May 9 Tim started an application for a bank loan in the amount of $20,000. It is expected that the bank will make their decision regarding the loan next week. May 10 Received an invoice from the logo design company for his logo in the amount of $5,000. May 10 Bank approved the loan and deposited \$20,000 into Tim's bank account. May 11 Tim paid off the office supplies purchase, which he did on May 4. May 12 Tim paid $2,500 for advertising to promote his business on local radio station May 14 Purchased $1500 office supplies in cash May 15 Tim received the payment from Netflix studio, which he sent out on May 6 May 16 Tim finished a lighting rental service for a wedding and the customer paid $2500 in cas May 17 Tim signed a $25,000 service contract with his customer and Tim promised to provide lighting rental service in August. May 30 Tim received utility bill of $250 and due in 10 days. May 31 Tim paid $25,000 rent May 31 Tim paid his store manager May 31 Tim withdrew $6,000 from the business account. Required: - Journalize all transactions. - Open and record the transactions in T-accounts. - Prepare a Trial Balance. - Prepare the financial statements