Use the following information to complete the next three questions (record journal entries, post to the general ledger, and make adjusting entries). Ken Hensley Enterprises, Inc., is a small recording studio in St. Louis. Rock banks use the studio to mix high-quality demo recordings distributed to talent agents. New clients are required to pay in advance for studio services. Bands with established credit are billed for studio services at the end of each month. Adjusting entries are performed on a monthly basis. prepare the required monthly transaction. During December 2018, the corporation entered into the following transactions. A Dec 1 Issued 50,000 shares of capital stock in exchange for $500,000 cash. B Dec 1 Paid $7,200 to Shapiro Realty as three month's advance rent on studio space. C Dec 1 Purchased recording equipment with a useful life of 5 years on account, $60,000. Dec 2 Borrowed $19,200 by signing a 12-month, 9 percent note payable to First Federal Bank of St. Louis. The entire $19,200 plus 12 months' interest is due in full on November 30, 2019. E Agreed to rent studio space to existing clients for $18,000 for the month of December F Dec 10 Received $11,520 advance payment on one month of studio services from new clients. Purchased a 6-month insurance policy for $21,000. Paid the balance owed for recording equipment purchased on December 1. D Dec 3 G Dec 15 H Dec 28