Required: (A) Journalise the following business transactions of Quay Pty Ltd in general journal form. 1 June Borrowed $30,000 from ANP Bank. 4 June Purchased inventory for $85,000, paying $15,000 in cash and the remainder is due in 30 days. 8 June Credit sales made for $30,000. The inventory had cost of $18,000. 15 June Received $5,500 in advance from a customer for merchandise that will be delivered in September. 20 June Received an inquiry about a product worth $5,000 from an old customer. 25 June Paid $3,000 of salary expenses (B) Prepare year-end adjustments for the following transactions of Quay Pty Ltd whose financial year ends on 30 June. 1. Unrecorded interest receivable that has accrued on investment bonds is $2,500. 2. Service revenues of $27,000 were collected in April. By year end, a third was earned. 3. 2 years' rent, totalling $14,000, was paid in advance at the beginning of the year. 4. The company has performed services totalling $18,000 but not yet invoiced by the end of the year. 5. During the year, $4,000 of office supplies were purchased. At the end of the year, $2,900 of supplies were left on hand. (Assume that there was no beginning balance of supplies.) Note: i. ii. iii. iv. V. If you believe no journal entry is required, explain the reason(s). Quay Pty Ltd has two streams of revenue: Sales and service. Ignore the effect of GST. Narrations are not required for journal entries. Quay Pty Ltd's chart of accounts includes the following accounts - Accounts receivable, Cash, Interest receivable, Inventory, Prepaid Rent, Revenue received in advance, Office supplies, Bank loan, Accounts payable, Sales revenue, Service revenue, Interest revenue; Cost of goods sold (COGS), Rent expense, Salary expense, and Supplies expense