On October 1, 20xx Karim Hegazy opened Karim's Cafe. Inc. During the month, he completed the following transactions for the company during May: 1 Began business by depositing ($100000) in a bank account in the name of the company in exchange for(10000 shares of 10 par value common stock. Paid the rent for a store for the current month, $600) Paid the premium on alone-year insurance policy for $1200 2 Purchased Coffee equipment from Sherif Company, ($4200) Terms were $600 down payment and 300 per month for one year First payment is due Nov 1 8Paid cash for an advertisement in a local newspaper, $6000. 15 Received cash service revenue for the first half of the month for services ($4000) 21 Paid Sherif Company on account, $300. 31 Received cash revenue for the second half of October for service, $975. 31 Declared and paid a cash dividend, $ 300. Required for October: 1- Prepare entries in journal form to record the October transactions. 2- Open the following accounts: Cash, Prepaid Insurance, Coffee Equipment, Accounts Payable, Common Stock (Capital account), Retained earnings, Dividends, service revenue, rent expense, Advertising Expense, Insurance Expense. Post the October journal entries to the ledger accounts 3- Prepare a trial balance from posted ledger accounts. (7 marks