Problem - 1 Jackson Service was formed on January 1, 2021. The following transactions took place during the first month of 2021: January 1: Mr. Jackson invested $85,000 cash in the company, as its sole owner. January 3: Purchased furniture and equipment costing $40,000. A cash payment of $15,000 was made immediately; the remainder will be paid in 12 months. January 5: Paid $2400 cash for a one-year insurance policy for fire accident. January 7: Borrowed $10,000 from a local bank, signing a one-year note. January 8: Purchase office supplies for $700 cash. Page 1 of 3 January 10: Revenues earned for services provided of worth $25,000 where $10,000 is received in cash and the remaining is due. January 14: Received $2500 from customers in payment of accounts receivable. January 18: Received $3000 cash in advance for which services will be provided later in February. Requirements: a) Prepare the Journal entries for the month of January, 2021. b) Using appropriate information prepare the Ledger account for Cash. (Marks: 8+2= 10)