During the year Tom Company had the following transactions:

1) Tom transferred cash from a personal bank account to an account to be used for the business, $99 000.

2) Prepaid rent for the year, monthly payment is $1000

3) Earned revenue, receiving cash, $10 000.

4) Bought an equipment on account, $120 000

5) Paid creditor on account, $1 500

REQUIRED:

1. Journalize each transaction

2. Show adjusting journal entries required at the end of the year related to accrual of rent expense and interest expense:

2.1 Prepaid rent totally expired by end of the year.

with step by step explanation pls