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Prepare simple journal entries Prepare joumal entries for the following transactions in December 2022.

1 Borrowed $80 000 cash from the bank with an agreement to pay back the loan in 4 years with interest of 10 per cent per annum.
2 Purchased inventory costing $64 000 with cash.
3 Purchased additional inventory costing $30 000 on credit.
4 Received a $16 000 deposit on a rental property to be rented for the month of January 2023.
5 Sold inventory costing $16 000 to customers for $29 000 on account.
6 Received $11 000 from a customer in question 5. 7 Paid $10 000 owing to a supplier.

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