Shelly Ryce was employed at Fimi Telecommunications Company for ten (10) years. In recent times however, Shelly Ryce was made redundant and as a part of her redundancy payment package she received $2,000,000. Shelly Ryce has always loved wearing different hair extensions, and realizing how lucrative the hair extension business is, she decided that she wants to start a hair supplies store, called Shellyz Hair & Thingz. Shelly Ryce started operations on March 1, 2021 and she has been advised that even though it is a small business, it is very important for her to keep proper accounting records. Miss Ryce has therefore reached out to your project team to manage her accounts for her. The following transactions were for the first month of operations: March 1 March 1 March 1 March 2 March 3 Miss Ryce stated business with a Nissan Ad Wagon valued at $1,200,000. Miss Ryce opened a bank account at Scotiabank with $500,000. Miss Ryce paid a cheque for the first month's rent for the store, along with an equal amount for deposit of $30,000 to Mr. Steve Johnson. Miss Ryce purchased store furniture from Royal Cabinets Limited using cheque amounting to $120,000. Miss Ryce paid Telesales Electronics $15,000 with a cheque to set up her point- of-sale machine at the store. Miss Ryce withdrew $50,000 from the bank to keep in the business as cash in hand. Miss Ryce bought merchandise for resale from Mr. Xinghu Chung on credit, totalling $555,000. Miss Ryce's cashier sold merchandise to 12 customers, for cash, totalling $48,000. March 4 March 4 March 5 March 8 Miss Ryce approved the sale of merchandise on credit to the following customers: Customer's Name Item Cost per Item Quantity 1 Sharon Nelson Lace Front Wig (Human Hair) $10,000 Kim Samuels Revlon Hair Relax 20 $750 Nadine Patterson Kankelon Braiding Hair 15 $350 Sonia Jarrett Kera Care Kit 5 $4,500 March 9 March 10 March 13 March 15 March 16 Miss Ryce's cashier sold merchandise to eight (8) customers, for cash totalling $32,000. Miss Ryce bought stationery with the store's logo affixed to it, for cash $5,000. After unpacking all the merchandise bought from Mr. Xinghu Chung, Miss Ryce found unsatisfactory merchandise totalling $32,000 and decided to return them. Miss Ryce bought merchandise on credit from Cherry's Wholesale Hair Supplies for $155,000. Miss Ryce sold two hair dryers to Klassy Kay's Salon for $20,000 each, receiving a cheque. Kim Samuels settled her account with cash, receiving a 5% discount. Miss Ryce paid her cashier a cheque of $15,000 for her fortnightly salary. One of the Kera Care Kit was return by Miss Sonia Jarrett. Miss Sonia Jarrett paid the balance outstanding on her account by cheque, receiving a discount of 5%. Miss Ryce paid cash for the following utility bills for the month: March 17 March 18 March 19 March 20 March 22 Amount $13,000 Utility Company Jamaica Light Company National Water Company Fimi Telecommunications Company $2,350 $5,300 March 22 March 25 March 25 March 27 Miss Ryce also paid cheque for security fees for the month totalling $23,000. During the period March 17 - March 25, 2021, Miss Ryce sold merchandise for cash totalling $380,000. Miss Ryce made a cash lodgement of $300,000 to the bank. Miss Ryce paid cheques to Mr. Xinghu Chung for $250,000, receiving a 2% discount, and to Cherrys Wholesale Hair Supplies for $100,000, receiving a 2% discount. After almost a month in business, Miss Ryce felt like she wanted to treat herself to a weekend at the Secrets Wild Hotel in Montego. She withdrew $30,000 cash from the business to supplement her personal expenses. All other customers who had taken goods on account on March 8, 2021, cleared their outstanding balances, by paying with a cheque. March 29 March 31 d) Journalize and post adjusting entries, using the following information: The actual light bill received from Jamaica Light Company is $10,000. The cashier complained that she was short paid $2,500. Investigations revealed that she was in fact short-paid for the month of March 2021. The insurance for Shellyz Hair & Thingz was due and payable by March 1st. The annual premium is $72,000 and the expense is incurred on a pro-rata basis. Depreciation for the Nissan Ad Wagon has not been taken into account for the month. The business uses the reducing balance method to depreciate motor vehicles at a rate of 12 percent (12%) per annum. The furniture and point-of-sale machine in the business are to be depreciated using the straight-line method at a rate of 8%. Depreciation for furniture and point-of-sale machine has not been taken into account. (6 marks) Note: When doing the adjusted T-accounts only the accounts that have been affected need to be done