Accoun i Tax Tab ps Lock Enter Shift . Fn End Make the following adjusting entries for the month of Decem j. Rent expense k Insurance expense Haley owes her assistant S1.000 for work done during the last two weeks of December m. An inventory of supplies shows $400 in supplies remaining on December 31 prepare an income statement, statement of retained earnings, and balance sheet for the month ending 3.On January 1, Kevin Reynolds, a student at State U, decides to start a business. Kevin has noticed that various student organizations around campus are having more and more need for mass produced copies is a slow process when a high volume of CDs is needed. of programs on CDs. While a lot of students have a CD drive on their computers that can write to CDs, it Kevin believes that with a beginning investment in specialty equipment, he can provide a valuable course, Kevin is very careful to ensure that his customers have full ownership rights to the material on their CDs. The following occurs during January. 1. Kevin deposits $500 of his own money into the company's checking account. 2. Kevin signs a note payable in the amount of $1.000 from Neighborhood Bank. The note is due in one year. 3. KKCDK (Kevin's Kool CD Kopies) purchases a CD duplicator that cost is $1,300. 4. KKCDK purchases 500 blank CDs for $150 on account. 5. KKCDK pays $20 cash for flyers to advertise 6. KKCDK quickly catches on with the student groups on campus. KKCDK sells 400 CDs to various groups for $0.80 per CD. KKCDK receives cash payment for 300 of the CDs and the groups owe for the other 100 CDs. 7. KKCDK pays $100 on its accounts payable. 8. KKCDK receives $40 in advance to copy 50 CDs for a student group. He will not begin work until February. 9. KKCDK incurs $40 in tax expense. The taxes will be paid in February Required: A. Prepare journal entries for the above events if needed. B. Post the journal entries to T-accounts. C. Prepare adjusting entries for the following and post them to your T-accounts. 10. Kevin's roommate, Mark, helps with the CD copying and delivering. KKCDK pays Mark a salary of $50 per month. Mark will get his first check on February 1. 11. KKCDK incurs $10 in interest expense. The interest will be paid with the note. E. Prepare financial statements for KKCDK for January. intel CORE Other