Please provide a detailed and accurate response, please.

4. The following balances are in the ledger of J. Reach on 1 January 2012: Telephone Insurance Rent Received $325 CR $900 DR $400 CR During the financial year ended 31 December 2012 the following transactions took place: (1) Telephone bills were paid by cheques for the following months 28 April $200 and 2 Nov $300. A Telephone bill for $100 was received on 27 December, this was still unpaid on 31 December. (2) Insurance of $700 was paid by cheque on the 23 November 2012. Of this, $300 represented Insurance premiums for 2013. (3) 14 December received rent in advance from a tenant of $200 cheque. REQUIRED: (a) Prepare for year ending 31 December 2012 the ledger accounts for: (1) Telephone [4] (ii) Insurance [3/4] (iii) Rent Received [34] (b) Prepare for the year ended 31 December, 2012 a profit and loss Account extract to show the amounts charged. [3] TOTAL MARKS [14]