• From the following transactions for Robel Company, complete the entire accounting cycle. The chart of accounts includes account number and name of the account as follows: Assets 111 Cash 112 Accounts Receivable 114 Prepaid Insurance 115 Supplies 121 Equipment 122 Accumulated Depreciation, Equipment Liabilities 211 Accounts Payable 212 Salaries Payable Owner’s Equity 311 R. Kenaw, Capital 312 R. Kenaw, Withdrawals 313 Income Summary Revenue 411 Repair Revenue Expenses 511 Insurance Expense 512 Advertising Expense 513 Rent Expense 514 Supplies Expense 515 Depreciation Expense, Equipment On May 1, 2014, Robel opened Robel’sRepair Service. During the month, he completed the following transactions for the company: 2014 May. 1Began business by depositing Br10,000 in a bank account in the name of the company. 1 Paid the rent for the store for current month, Br425. 1 Paid the premium on a one-year insurance policy, Br480. 2 Purchased repair equipment from Chora Company, Br4,200. Terms were Br600 down and Br300 per month for one year. First payment is due June 1. 5 Purchased repair supplies from Birhan Company on credit, Br468. 8 Paid cash for an advertisement in a local newspaper, Br60. 15 Received cash repair revenue for the first half of the month, Br400. 21 Paid Birhan Company on account, Br225. 31 Received cash repair revenue for the last half of May, Br975. 31 Made a withdrawal of Br300. Adjustment Data on May 31 a. One month’s insurance has expired. b. The remaining inventory of unused repair supplies is Br169. c. The estimated depreciation on repair equipment is Br70. Required: 1. Journalize transactions and post to ledger accounts. 2. Journalize and post the adjusting entries. 3. Journalize and post the closing entries. 4. Prepare Financial statements: Income Statement, Statement of Owner’s Equity, Statement of Cashflows and Balance sheet