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On December 1, 2015 John Trap created a new travel agency, TrapAdventures, Inc. providing exclusive adventure trips. The followingtransactions occurred during December 2015. (NOTE: There are nobeginning balances – this is a new company.) Dec 1 John Trapinvested $60,000 cash in the company for common stock. 2 Purchaseoffice equipment for $17,500 cash. 2 The company rented furnishedoffice space by paying $18,000 cash for the first six months(December 2015 - May 2016) rent. 3 The company purchased $1,500 ofoffice supplies on account. 10 The company paid $3,600 cash for thepremium on a 12-month insurance policy. 14 The company paid $10,750cash for two weeks' salaries earned by employees. 24 The companycollected $54,000 cash on commissions from airlines on ticketsobtained for customers. 28 The company paid $12,125 cash for twoweeks' salaries earned by employees. 29 The company paid $350 cashfor minor repairs to the company's computer. 30 The company paid$450 cash for this month's telephone bill. 30 Dividends of $3,000cash were paid. Final Project Requirements Using the spreadsheetfound here and information above, complete the following:Adjustment Data: One month's insurance coverage has expired. Thecompany occupied the office space for the month of December. At theend of the month, $600 of office supplies are still available.Create journal entries to record the transactions that occurredduring the month of December. (Completed in Unit 3) Prepare anunadjusted trial balance (Completed in Unit 3) Create adjustingjournal entries at the end of the year, December 31 based on theadjustment data. Prepare an adjusted trial balance. Prepare anincome statement, statement of stockholders' equity, and classifiedbalance sheet. Create closing journal entries to close alltemporary accounts. Prepare post-closing trial balance. Inaddition, answer TWO of the questions below in 1-2 fully developedparagraphs. A fully developed paragraph should have a major pointwith 3 to 5 support sentences. One or two sentences is notacceptable or does not discuss the question. Be sure to show whatyou know!!! Trap Adventures, Inc. is looking for an accountant. Inyour own words, explain to Trap's hiring team the role ofaccountant and accounting within business. Provide examples of theexpectations of the accountant. Discuss the financial position ofTrap Adventures, Inc. using the following ratios: Current ratioReturn on equity: For each ratio, provide the calculation and anexplanation of the meaning. Is this a positive or negative resultfor the Trap Adventures, Inc.? Using Trap Adventures, Inc.'s incomestatement, evaluate the operations for the month of December.Complete a common-size income statement using sales as the basenumber. What is the largest percentage? What is the smallestpercentage? What recommendations could be made to increase Trap'snet income? Currently, Trap Adventures, Inc. does not own any loansor bank notes (long-term liabilities). What would happen if Trapdecides to obtain a bank loan for $25,000 to fund daily operations?How would this transaction impact the financial statements - whichaccounts would be affected? What is the debt to equity ratio? Whatdoes the debt to equity ratio