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100 Cash 301 D. Hurley, Drawings 110 Accounts Receivable 305 Income Summary 120 Prepaid Insurance 400 Consulting Fees 123 Prepaid Rent 500 Office Salaries Expense 125 Supplies 501 Utilities Expense 130 Office Furniture and Equipment 502 Telephone and Internet Expense 131 Acc. Dep.-Office Equip. 503 Advertising Expense 140 Van 504 Insurance Expense 141 Arr. Dep.-Van 505 Rent Expense 200 Accounts Payable 506 Supplies Expense 210 Bank Loan 507 Dep. Expense-Office Equip. 300 D. Hurley, Capital 508 Dep. Expense-VanApr. 1 Donna Hurley started this new business by opening a bank account for the firm and depositing an initial investment of $50 000. 2 Purchased office equipment from Office Specialties for $8300, Invoice 3274. Paid 20 percent in cash (Cheque 1) and the remainder was due in two equal payments on the 15th and 30th of April. 2 Hurley and Associates was engaged by Northwind Petroleum as consultant on a drilling project at a fixed consulting fee of $4000 per month for a one-year period, Invoice 1. The first month's fee was received today. Paid the rent for April, May, and June, $3300, Cheque 2. Purchased a one-year insurance policy, $2200, Cheque 3. Purchased office supplies, $320, Cheque 4. Purchased a van for use in the business, $24 800. A down payment of $4800 was made today, Cheque 5. A three-year bank loan was obtained to finance the remainder. 12 Submitted Invoice 2 to Big Eagle Exploration for consulting services performed during the past week, $5000. 15 Received Invoice P4823 for advertising from Petroleum Weekly, $325. 15 Paid the first installment due to Office Specialties as a result of the April 2 purchase of office equipment, Cheque 6. 15 Paid the office salaries for the first two weeks of operation, $920, Cheque 7. 19 D. Hurley withdrew $2000 for personal use, Cheque 8. 20 Received $1500 from a client for consulting services com- pleted today, their Cheque 2285. 25 Purchased additional office supplies, $125, Cheque 9. 27 Received Cheque 6649 from Big Eagle Exploration to pay one-half of their account. 30 Paid the monthly utility bills, $620, Cheque 10. 30 Paid the monthly telephone and Internet bill, $415, Cheque 11. 30 Paid the final installment due to Office Specialties for the equipment purchase of April 2, Cheque 12. 30 Returned $25 worth of office supplies and received a cash refund for that amount.c. Make five (5) general journal adjusting entries (as of April 30, 2023): Note: Hurley and Associates adjust and close their books monthly. Also, you'll make these entries in the same place where you made other journal entries (above). 1. Supplies on hand, April 30, were worth $175. o Note: You'll have to check the balance in your Supplies account (under "Reports" -->"General Ledger"). " Then, make an adjustment for the used office supplies. " At the end, you should be left with only $175 of Office Supplies. 2. The office equipment depreciates 20% per year. Make an adjusting entry for the month of April only. 3. The van depreciates 30% per year. Make an adjusting entry for the month of April only. 4. Rent used for the month of April (refer to the transactions above). 5. Insurance used for the month of April (refer to the transactions above).b. Prepare the general journal entries required to record the transactions for April 2023, the first month of business operations using Wave Accounting platform. . Make sure you change the numbers within +/-$100 range for each transaction. For example, for Apr. 1" transaction, you have $50000, 50 you can do any number between $49900 to $50100. Also, pay close attention to transactions that are related, and the amounts used for them. o You can show your work (e.g., calculations) in the "Description" box.You have established Hurley and Associated, a petroleum consulting firm in Toronto, to provide technical expertise to companies engaged in oil and gas exploration. Using the additional information and the chart of accounts for the company given below, do the following