You are a business student working on a summer work placement at a local accounting firm in Halifax. Kosko Wholsale Ltd. is a client of the firm and is working to prepare its year-end as at January 1, 2021. The company was incorporated on January 1" 2020, and the owner has no formal accounting, but has provided information about operations from the last year to assist. Below is a transcription from recent meeting with the client on. "Hello, I am very excited to have concluded Kosko Wholesale first full year of operation! We started off on January 1, Issuing 100,000 common shares of the company for $3 per share, the next day we purchased equipment for $120,000, paying $50,000 cash and financed the balance using a note payable. At the same time, we paid for a two-year insurance policy covering the new equipment, which cost $4,800. Of course, we needed to rent a space to operate from and we made rent payments of $54,600 for the year which included 12 months' rent and one month's damage deposit which we expect to get back at the end of the lease. Over the course of the year we purchased $185,000 worth of Inventory of which $153,000 was sold to customers. These sales totalled $278,000 in revenue, $192,000 of which was on credit. Throughout the year we collected $153,000 from outstanding customer accounts and paid $78,000 to suppliers. Our employees earned wages totalling $119,000, of which $22,000 remained unpaid at the end of the year. I know that I need to make changes at my year end to reflect adjustments to ending balances in some of my accounts, but I am unsure how to do so. Could you please ensure that my insurance and interest expense are recorded properly to reflect the full year? Additionally, I will need an adjusted trial balance prepared, as well as closing entries posted to their accounts. Oh yeah, In case you need it, the note has a one-year term and an interest rate of 6%" Requirements: Journal Entries Correctly records at least eight (8) transactions Adjusting entries Correctly records three (3) transactions Closing Entries Correctly records three (3) closing entires. MUST INCLUDE income summary Records changes in T-accounts and calculates ending balances Identifies 23 T accounts AND correctly records at least 20 of them Transposes T-accounts to trial balance Correctly transposes 23 identified balances AND uses the correct date AND is balanced