QUESTION #1 ADC Studios was organized on January 1 2015. During the month the following transactions were carried out by ADC Studios: Jan 01 Sold capital stock to investors for $50,000. Jan 03 Paid $1500 in advance for 3 months rent of an office. Jan 12 Purchased equipment for $6,000; made a 50% cash down payment with the balance due in 30 days. Jan 15 Performed filming for a fee of $1400; will be paid in 3 weeks. Jan 18 Made a payment of $500 on the equipment purchased on January 12. Jan 21 Paid a utility bill of $300. 1. Analyze the company's business transactions, and prepare journal entries to record them. 2. Post the transactions to the following T accounts: Cash; Accounts Receivable: Prepaid Rent; Equipment; Accounts Payable; Stockholders Equity; Filming Revenue; Utility Expense. 3. Summarize your balances and prepare a Trial Balance for the month of January 4. What is the Net Income for the month of January? 5. What is the Total Stockholder's Equity at January 31? Important: Present proper Journal Entries and show posting to the T Accounts. O Foc