Unless told otherwise, assume the entity uses the perpetual inventory, all assets are depreciated using the straight-line method with a zero-residual value. Unless told otherwise, ignore GST.

1)Bought inventory on credit. The inventory cost $1,000

2)Sold 10% of the inventory in (1) for $250 on credit

3)At the end of the year we accrued $1,200 for wages payable to our workers.

4)On the 1^st of February 2020 the company borrowed $10,000 from a bank for 4 years. The bank charges 5% interest per year. Assume the loan is interest only. Interest payments are made at the end of July and at the end of January. Prepare the journal entry for the following dates.

a.1/2/2020

b.30/6/2020

c.31/7/2020 (assume the company does not use reversing entries)