Accounting 305 Chapter 1 Homework To complete this homework, we will use parts of Problem 4-1 from the chapter. Assume Jester Entertainment Company started operations on January 1, 2017. Jester had the following trial balance at December 31, 2017 after financial statements had been prepared. Jester Entertainment Company Trial Balance December 31 2017 DR CR Cash 114,000 Accounts Receivable 2,500 Office Supplies 1,000 Land 40,000 Accounts Payable 5,000 Common Stock 150,000 Retained Earnings 2,500 157,500 157,500 Complete the following: a. Prepare the journal entries for the transactions shown in problem 4-1 except for the following: Replace the January 4 entry with the following: Purchased Office Equipment for $30,000. The equipment has a six-year useful life with no salvage value. For the May 12 entry Change the length of the payment to a 10 - month contract (Until March 31) For the Dec 6 entry The amount of the bill was $12,000, instead of the given amount b. Prepare any necessary year-end adjusting entries for the transactions in part a C. Prepare an income statement for the year ended December 31, 2018 and classified balance sheet at 2018 for Jester Entertainment. (For parts a and b, journal entry explanations aren't required) The following check figures may be useful in completing the assignment (given due to the length of the assignment