Requirement #2 Record journal entries John Leclair opened his investment advisory business as a proprietary company (JL Advisors Pty Ltd) on 1 January 2018. He has provided you with the following summary information for the first 12 months of operations. All cash receipts and payments have occurred as indicated in the summary. John expects to pay income taxes of 35% on the company’s profits. Transaction Summary 01-January-2018 Open business bank account with transfer of personal funds $270,000 02-January-2018 EFT for rental of office space. Immediate occupancy. 48 months at $2500 per month. $120,000 20-January-2018 Office equipment purchased for cash to get discount from the retail price of $67,000. $60,000 20-January-2018 The office equipment will be replaced in 5 years at an expected cost of $80,000. $80,000 22-January-2018 Bank loan approved and credited to account. Payable in 2021 $310,000 30-May-2018 Credit sales. EFT payment to be received in 90 days. $80,000 07-June-2018 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $5,600 01-July-2018 Cash sales. $30,500 07-December-2018 Credit sales. EFT payment to be received in 90 days. $30,000 25-December-2018 Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. $6,160 EFT = electronic funds transfer You may assume that credit sales "to be received in 90 days" are received in exactly 90 days and that EFT wage payments are made in exactly 7 days. 1. BALANCE SHEET as at 31 December 2018 2. INCOME STATEMENT for the 12 months ended 31 Dec 2018 3. STATEMENT OF CASH FLOW for the 12 months ended 31 Dec 2018 4. GENERAL JOURNAL showing all journal entries 5. GENERAL LEDGER for the 12 months ended 31 Dec