Part 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, 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 22Hired a secretary to be paid $4,000 on the 20 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 Required 1) Prepare journal entries for the above transactions in the journal of Redmon Consulting. 2) Post the journal entries to the ledger 3) Prepare a trial balance on December 31, 2017 Part I 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. Required 1) Prepare adjusting entries for the above transactions. 2) Post these entries 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 December 31, 2017 4) Prepare closing entries at December 31, 2017 and post to the ledger 5) Prepare a post-closing trial balance on December 31, 2017 6) Write a letter to the CEO explaining the current financial position of the company