SECTION B (70 marks) Answer ALL questions from this section. QUESTION 1 (18 marks) Long River Company had the following transactions during the month of January (i) Paid $5,000 cash for supplies, of which $600 was used during January, and $4,400 will be used during February through April. (ii) Paid $24.480 for salaries, one-half of which employees had eamed in December and one- half of which related to January. (iii) Purchased $36,000 of equipment; made an $8,000 down payment and signed a note payable for the balance. (iv) Made payment of S4,800 on the amount owed for equipment. (v) Prepaid insurance of $1,500 has been expired in January (vi) Previously received unearned sales revenue of $60,000 has now been earned. Required: (a) Prepare the journal entries and adjusting entries based on the information above. (Explanation of the journal entry is not required) (15 marks) (b) Compute the balance in the Cash account at the end of January. Assume the beginning balance of the Cash account as at January 1 is $65,000 (debit balance). (2 marks) (c) Compute the balance in the Notes Payable account at the end of January. Assume there is no beginning balance of the Notes Payable account as at January 1. (1 marks)