Record the following business transactions which occurred in December 2020 (Debit and Credit), including the impact on accounting equation on 31 December 2020. 01/12 Paid rent of $12,000 for the next three months of your business 02/12 Your business bought 18 units of cello coffin at $3,000 each for cash. 15/12 Your customer ordered 15 units of cello coffin at the selling price of $5,000 each and paid 20% deposit.

You have employed 2 staff at $3,100 each per month, paid in arrears. The business normally pays wages fortnightly. On 23/12, you paid your staff for the 14 days work they have done up till 19 December. 30/12 Your business delivered all cello coffins and the customer received 15 units of cello coffin at the selling price of $5,000 each and each cello coffin costs $3,000. The customer is going to pay the remaining in January 2021. 31/12 The accountant needs to do relevant adjusting journal entries. (Hint: think of what shall be adjusted as time goes by.)

Date|Account|Amount(DR)|Amount(CR)