Task 1 Following transactions occurred in ILAC during the month of operations in 2020. Required: Journalize the entries. Omit the explanations. Transactions 01 01 Month/Date Dec 01 The company received cash of $ 45,000 from the owner as capital investment Performed services and received cash of $25,600 Paid Salaries to employees $1.550. Purchased supplies on account for $5,000. Purchased equipment on account for $10,000. Performed services for a client, on account, $27,500 Purchased Prepaid Insurance for 2 years for S 5400 cash. 01 01 01 01 Task 2 Required: Use the information provided in Task 1 and prepare T-account and post all above transaction. Task 3 Required: Prepare/journalize adjusting entries for the following transactions needed December 31, 2020 for ILAC. Explanation are not required. Transaction ) The Supplies account on Dec 1, 2020 was $5.000. A physical count revoals $2,750 of supplies on hand on December 31. b) The equipment was purchased on December 1, 2020. It cost $10,000 with a useful life of 8 years and no salvage value. c) A two-year insurance policy costing $5400 was purchased on December, 2020. The insurance expense begins on December 1 d) Employee are paid $175 per day. Salaries for the last 4 days of the year will be paid in January 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