Question 5 (14 marks): recording business transactions The following records are the business transactions of James Lee Shop Co (a small hair salon shop) that occurred during August 2022. Dates Transactions 1/8/2022 Purchased hair-drying equipment for $ 50,000. Paid $9000 deposit and agreed to pay the balance in 60 days. 4/8/2022 James Lee (the owner) withdrew $1000 of equipment from the business for himself. 6/8/2022 The salary paid is $6900 and the remaining unpaid salary is $3000 and will be paid 5 days later. 9/8/2022 The company received $1200 from customers to reduce the balances of their payable accounts. 11/8/2022 The unpaid salaries on 8 August 2022 are paid. 26/8/2022 Paid $52000 to creditors for supplies that had been purchased on credit 30/8/2022 Earned $70 250 in salon revenue during the month. Of this, 80% was collected in cash and 10% will be paid within a month. Note: Two marks per correct answer (7 x 2 marks = 14 marks) Required: Prepare journals entries for each of the above transactions. (14 marks)