Answer ALL 2 questions. The total marks are 60. Put your answers in the Answer Book and start a new page for each question. Use blue / black pens to answer the questions in handwriting. Question 1 (12 marks) The following events occurred for UPL Limited for the month of July 2020: Date 1 Jul Issued ordinary shares and received $300,000 cash. 2 Jul Purchased supplies $8,000 on account. 7 Jul Received $20,000 in advance from a client for services to be performed later. 10 Jul Paid cash for utilities expense of $2,600. 28 Jul Earned service revenue of $5,000 that was received in advance on 7 July. 31 Jul A physical count showed $2,000 of supplies on hand. Required: Prepare the above journal entries for the month of July 2020 for UPL Limited. (Narration is NOT required.) (12 marks) [Total marks for Question 1: 12 marks]