Task 1 Following transactions occurred in ILAC during the month of operations in 2020. Required: Journalize the entries. Omit the explanations. GI 01 Mew Tanam Dec 01 The company received cash of S43.000 from the owner as capital Investment Performed services and received cash of S25.600 Paid Salaries to employees $1.550 Purchased supplies in account for 55.000 Purchand equipment on account for $10.000 Performed services for a client on account, $27.500 Purchased Prepaid Insurance for 2 years for $5400 cash OL OL O DI Task 2 Required: Use the information provided in Task 1 and prepare T-account and post all the above transaction. Task 3 Required:Prepare/journalize adjusting entries for the following transactions needed on December 31, 2020 for ILAC Explanation are not required. Transaction b) - The Supplies account on Dec 1.2020 w 55.000. A physical count reveals $2.750 of upplies on hand on December 31 The equipm w chwed on December 1, 2000. It cost $10,000 with a ful life of years and no salvage value A two-year insurance policy costing 55400 was purchased on December, 2020. The insurance expense begins on December . Employee are paid 5175 per day Salaries for the last 4 days of the year will be paid in Pamary e) Task 4 Require: Prepare the adjusted trail balance. You might need to update T-accounts with adjusting entries and calculate the normal balance for each account. Task 5 Required: Prepare/journalize closing entries for Dec. 31. 2020, Task 6 Required: Prepare Income statement and balance sheet for ILAC for Dec. 2020. Task 7 Required: Calculate current ratio and net working capital for ILAC. Use the information you have calculated in above two statement