Requirement-1: Journalize the following transactions Note: You do not need to consider any account for Interest payable and wages payable, as those are being paid on schedule, Jan 1, 2019: Owners invested $120,000 in the business account Jan 1: They purchased an active restaurant for $250,000, paid $50,000 down payment and the rest on a 10-year loan (N/P). They were scheduled for monthly payments of $3,500 from which $2,000 goes against the principal of the loan and $1,500 as interest. Payments are due end of each month. To make it easy, let assume that from $250.000 of the purchase cost, $150,000 is considered as equipment and $100,000 as furniture. Jan 2: They paid $3,000 for the rent of lan Jan 2: They prepaid $4,800 for one year insurance. Jan 2: They purchased $40,000 equipment: $10,000 in cash and the rest on account (A/P) Jan 3: They purchased $20,000 of inventory in cash. Jan 3: They purchased $ 2,000 supplies in cash. Jan B. They had total sales of $25,000 during the first week. 80% of the sales was in cash and 20% on credit card (CC/RL Those sales cost them using $5,000 of the inventory Jan 10: They paid $2,000 of the A/P. Jan 12. They purchased $4,000 inventory on account (A/P) Jan 15: They had $30,000 sales in the second week: 70% in cash, 10% on customers account (A/R1 and 20% on credit card (CC/R). Those sales cost them usine $6,000 of the inventory. Jan 15. They paid $10,000 for employees' wages. Jan 16: They received $3,000 from credit card companies (regarding the CC/R). Jan 23: They had $30,000 sales: 80% in cash, 10% on customers account (A/R), and 10% on credit card (CC RI. Those sales cost them using S6,000 of the inventory Jan 24 They paid $4,000 of the A/P. Jan 25: They purchased $6,000 inventory on account. Jan 29. They paid $7,000 wages Jan 29: They received $2,000 from customers who were billed before. Jan 29: They received $4,000 from credit card companies. Jan 29: They had $25,000 sales: 70% in cash, 10% on customers account (A/R), and 20% on credit card (CC/RThese sales cost them using $5,000 of the inventory Jan 29: They paid $3,500 for their loan (N/P). Remember only $2,000 of payments goes against the principal of the loan