Requirement #2 Record journal entries
	John Leclair opened his investment advisory business as a proprietary company (JL Advisors Pty Ltd) on 1 January 2018. He has provided you with the following summary information for the first 12 months of operations. All cash receipts and payments have occurred as indicated in the summary. John expects to pay income taxes of 35% on the companys profits.
		Transaction Summary
	01-January-2018	Open business bank account with transfer of personal funds	$270,000
	02-January-2018	EFT for rental of office space. Immediate occupancy. 48 months at $2500 per month.	$120,000
	20-January-2018	Office equipment purchased for cash to get discount from the retail price of $67,000.	$60,000
	20-January-2018	The office equipment will be replaced in 5 years at an expected cost of $80,000.	$80,000
	22-January-2018	Bank loan approved and credited to account. Payable in 2021	$310,000
	30-May-2018	Credit sales. EFT payment to be received in 90 days.	$80,000
	07-June-2018	Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days.	$5,600
	01-July-2018	Cash sales.	$30,500
	07-December-2018	Credit sales. EFT payment to be received in 90 days.	$30,000
	25-December-2018	Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days.	$6,160
	EFT = electronic funds transfer
	You may assume that credit sales "to be received in 90 days" are received in exactly 90 days and that EFT wage payments are made in exactly 7 days.

1. BALANCE SHEET as at 31 December 2018

2. INCOME STATEMENT for the 12 months ended 31 Dec 2018

3. STATEMENT OF CASH FLOW for the 12 months ended 31 Dec 2018

4. GENERAL JOURNAL showing all journal entries

5. GENERAL LEDGER for the 12 months ended 31 Dec