Unlimited Books (UB) is a retail store that purchases textbooks from publishers, and then sells these textbooks to students on campus for use in their registered classes. Required: 1. Prepare journal entries for UB to record the business transactions described below that took place in September 2022. Ignore income taxes. [10 marks] . On September 1, UB placed an order with McGraw-Hill to purchase 120 accounting textbooks at a per unit cost of $130 each, under terms 2/10, n/30. The textbooks were received the same day. Account Names Debit Credit . On September 4th, UB returned 20 of the accounting textbooks to the publisher as they did not come with the Connect access code attached to the book. Account Names Debit Credit On September 5th, UB complained to McGraw Hill about the condition of the accounting textbooks, as some of them were damaged slightly during shipping. McGraw Hill granted UB an allowance of $1,000. Account Names Debit Credit On September 6th, UB paid McGraw-Hill for the amount owing on the accounting textbooks. Account Names Problem 4 is continued on the next page. Comm 201 Midterm Exam-November 3rd 2022 Debit Credit On September 7th, UB sold 90 of the accounting textbooks for $170 each, all were paid with either cash or credit card. Account Names Debit Credit On September 8th, 20 accounting textbooks were returned by students to UB, as the students had decided after the first week of classes, accounting was not for them, and luckily, they hadn't taken the textbook out of its packaging yet. UB reimbursed the students with cash as these students had paid cash when they originally bought the textbooks. Account Names Debit Credit On September 15th, UB paid employees $1,500, $800 of which related to work done in August and $700 for wages up to September 15th Account Names Debit Credit Focus On September 15th, UB paid employees $1,500, $800 of which related to work done in August and $700 for wages up to September 15th Account Names Debit Credit On September 30th, UB received their monthly utility bill for $600 and will pay this in October. Account Names Debit Credit