I only need PART 3 QUESTION 6 answered, "write a letter to the CEO explaining the financial position of the company." thank you!!!

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Transcribed image text: Part 1 Carl Redmon completed the following transactions during December: Dec 2 Invested $25,000 to start a consulting practice titled Redmon Consulting. 2 Paid $6,000 for a 2-year insurance policy. 3 Paid cash for a computer, $2,400. It is expected to remain in service for five years, and have a $400 salvage value at the end of its useful life. 4 Purchased office furniture on account, $4,500. The furniture should last for five years. 5 Purchased supplies on account, $500. 9 Performed consulting service for a client on account, $1,700. 12 Paid utility expense, $200. 18 Performed service for a client and received cash of $800. 22 Received $1,200 in advance for client service to be performed evenly over the next 30 days. 22 Hired a secretary to be paid $4,000 on the 20th day of each month. The secretary begins work immediately. 26 Paid $300 on account. 28 Collected $600 on account. 30 The owner withdrew $1,600 for personal use. 31 Paid monthly office rent, $750. Part II Redmon gathers the following information for adjusting entries on December 31: a) Accrued service revenue, $400. b) Earned 1/3 of the service revenue collected in advance on December 22. c) Supplies on hand, $100. d) Both the computer and the furniture need to be depreciated for a full month. e) Record the secretary's salary since being hired; she has now worked 1/3 of the month. f) Record expiration of prepaid insurance. Part III Carl Redmon decided to expand his business and begin selling accounting software, as well as providing consulting services. During January, Carl Redmon Consulting completed these transactions: Jan 2 Completed a consulting engagement and received cash of $7,200 2 Prepaid three months' office rent, $1,500. 7 Purchased software inventory on account, $3,900, plus freight in, $100. 15 Withdrew $500 for personal use. 18 Sold software on account, $1,100 (cost $700). 19 Consulted with a client for a fee of $900 on account. 20 Paid the secretary's salary for the month. 21 Paid on account, $2,000. 24 Paid utilities, $300. 28 Sold software for cash, $600 (cost $400). 31 Recorded these adjusting entries: a) Accrued salary expense. b) Depreciation of computer and furniture. c) Expiration of prepaid rent. d) Expiration of prepaid insurance. e) Physical count of inventory. $2,800. ) Earned the remaining revenue from December 22. 9) Redmon estimates that 3% of inventory sold will be returned Required 1) Prepare journal entries for the above transactions and post these entries to the ledger. 2) Prepare adjusting entries on January 31 and post to the ledger. 3) Prepare an adjusted trial balance, an income statement, a statement of owner's equity, and a balance sheet as of/ on January 31, 2018. 4) Prepare closing entries at January 31, 2018 and post to the ledger. 5) Prepare a post-closing trial balance on January 31, 2018. 6) Write a letter to the CEO explaining the financial position of the company