Question 5.2 [Recording transactions in journal entries and preparing adjusting entries]. Hui Yu, lawyer, had the following transactions related to the business during June. June 1 Purchased office furniture for $36,000. The furniture will be depreciated over a useful life of 10 years at which time it is expected to have a residual value of $4,800. 1 Purchased a 12-month fire insurance policy for $3,000. 2 Borrowed $42,000 from the Eastern Bank on a short-term loan. The principal, plus 8% annual interest, will be repaid in 3 months. 11 Purchased supplies for $450. On 30 June, supplies worth $230 remained on hand. 15 Paid $1,200 for 1 month's rent for the period 15 June to 15 July. 18 Received an electronic bank transfer from a client for $840 as an advance payment for services to be performed. Only 20% of the work was completed by 30 June. 28 Received an invoice for $410 for telephone and internet charges for the month. Required: a) Prepare the journal entries to record each transaction. b) prepare any adjusting entries as at 30 June, the end of the accounting year