Accounting Process Review On Your Own \#1 Accounting is FUN ("AIF") is a new corporation in Columbia, Missouri, beginning its first month of business in January 2017. 1/1 Owners deposit $100,000 cash into AIF's bank account. 1/2 AIF prepays rent for January through December 2017. The total paid is $12,000. 1/10 AIF buys equipment for $50,000. AIF puts half down in cash and signs a note for the rest. 1/20 AIF purchases $15,000 in inventory for cash from its manufacturer. 1/22 AIF hired a marketing company to help setup its business. AIF's receives a bill from the marketing agency for $2,000 for services related to the business's startup (from January), which he will pay cash for in February. 1/25 AIF records its first sale! AIF sells 50 accounting books for a total of $10,000 on credit. AIF had purchased this inventory from the manufacturer for $1,000 total for all 50 books. 1/30 AIF collects $100 from the customer who purchased books on account on January 25. ADJUSTING ENTRIES: 1/31 AIF records rent expense for the month. 1/31 AIF must record \$50 in interest on the Note. The interest is not actually paid in cash during January. 1/31 AIF records depreciation on the equipment of $2,000. Go through the accounting process for the above transactions