Using the following information, create lournal entries and l-accounts ON A SEPARATE PIECE OF PAPER for Barbara's Balloons Inc. for the year ending December 31, 2020. You will need this information to answer questions 13 through 25. PLEASE NOTE these facts will only be presented in this question. You will need your prepared journal entries and t-accounts to answer the remaining questions. Cash 584,000 40,000 20,000 7,000 5,600 50,000 30,000 65.400 Listed below are the accounts and their respective balances for Barbara's Balloons, Inc. at December 31, 2019 Inventory (400 Balloons 5100 each) Land Security Deposit Taxes Payable Note payable Common Stock (2,000 sh 515 per share) Retained Earnings During 2020 the following transactions occurred: Purchased 800 Balloons at 5100 each Sold 1.100 Balloons for $250 each Paid 2019 taxes Paid cash for wages of $60,000 Paid twelve months' rent totalling $30,000 Pald 522,000 for advertising for 2020 Sold 600 shares of common stock for $30 each on May 30, 2020 Pald Utility bill for 2020 of $19,000 Paid payment on Note Payable of $10,000 principal plus 55,000 interest Paid a $3,000 dividend to shareholders on December 31, 2020 Also, during the year, the company paid 50% of the 2020 taxes. The tax rate is 30% At December 31, 2020, the company owed $2,000 in wages which had not yet been paid