You are a senior accountant ofABC firm, and you have just had a meeting with Alex who is one ofyour clients. + 1 March 2021, Alex commenced self-employment as a sole trader. During the first month of operations, March 2021, the following transactions took place. 1 March Started with cash and ordinary shares of 10,000 1 March Raised loan from bank of 10,000. 1 March Paid monthly rental of shop for 2,000 in advance. 1 March Purchased 5,000 of goods for cash from Amy. 5 March Sold 7,000 of goods to Bill for cash. 11 March Purchased 10,000 of goods for cash from Candy 15 March Sold 14,000 of goods to Dee on credit. 20 March Received 13,720 cash on account from Dee. 22 March Purchased 15,000 of goods for cash from Eric. 25 March Received sales return of 400 31 March Sold 20,000 of goods to Frank on credit with 5% sales discount 31 March Paid monthly freight expense of 1,500 by cheque. 31 March Paid a telephone bill of 110 by cheque. 31 March Paid wages of part-time employee of 1,500 by cheque 31 March Paid monthly interest of 100. 31 March Alex paid himself 2,000 in 'wages'. + Alex is going to expand his business in the future. He realises that he is going to need more money in business. 1) Identify the debit and credit entries for all above transactions, and show the transactions by means of journal entries. 2) Post to the ledger and show the balance in each account after all transitions have been posted. 3) Prepare the Income Statement for the month ended 31 March 2021, and the Balance Sheet at 31 March 2021 4) How to solve the cash problems in his business