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  3. during the year tom company had the following tran

During the year Tom Company had the following transactions: 1) Tom transferred cash from...

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Accounting

During the year Tom Company had the following transactions:

1) Tom transferred cash from a personal bank account to an account to be used for the business, $99 000.
2) Prepaid rent for the year, monthly payment is $1000
3) Earned revenue, receiving cash, $10 000.
4) Bought an equipment on account, $120 000
5) Paid creditor on account, $1 500

REQUIRED:

1. Journalize each transaction
2. Show adjusting journal entries required at the end of the year related to accrual of rent expense and interest expense:

2.1 Prepaid rent totally expired by end of the year.

with step by step explanation pls

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