Question The following transactions occurred in January 2022 for Nelphis Hilltop Restaurant. 1. Nelphis commenced business by investing GHS30,000 cash in the restaurant. 2. Purchased on credit food stock for GHS4,000, and beverage stock for GHS6,000. 3. Purchased furniture and equipment for GHS20,000, paying GHS12,000 cash and owing the balance. 4. The bank extended a loan of GHS20,000 to the business. 5. Made sales of GHS40,000 during the month -75% of this was cash sales, the remainder was on credit. 6. Purchased GHS9,000 of perishable food items (food purchase expense) on credit and paid GHS2,000 cash for beverages (beverage purchase expense). The business has established that both these purchases should be immediately expensed. 7. Paid GHS12,000 to trade creditors. 8. Repaid GHS2,000 of the bank loan plus interest of GHS100. 9. Paid GHS10,800 of wages. 10. Paid GHS4,000 for miscellaneous supply items. The business has a policy of expensing these items on purchase. 11. Paid GHS1,500 rent for the month. Required a) Using 'T-accounts', record debit and credit entries for each of the above transactions. - Note The T-accounts you will need are: Cash, Food Inventory, Beverage Inventory, Accounts Receivable, Furniture and Equipment, Accounts Payable, Bank Loan, Capital, Revenue, Food Purchase Expense, Beverage Purchase Expense, Wage Expense, Supplies Expense, Rent Expense, Interest Expense. b) Prepare a statement of income for the month ending 31 January 2022 and a statement of financial position as at 31 January 2022.