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In: AccountingThis question has 2 parts.Assignment DetailsFinal Project OverviewThroughout this course, you have learned...This question has 2 parts.Assignment DetailsFinal Project OverviewThroughout this course, you have learned various components ofaccounting. These components work hand-in-hand to create theaccounting cycle – the process of recording, summarizing andreporting transactions. The final project will provide you theopportunity to apply the skills covered in this course through thecompletion of the accounting cycle. In addition, you will be ableto demonstrate your understanding through analysis of the completedinformation. This project will be completed in two parts in Units 3and 5.Final Project DataOn 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 no beginning balances – this is a newcompany.)Dec 1John Trap invested $60,000 cash in the company for commonstock.2Purchase office equipment for $17,500 cash.2The company rented furnished office space by paying $18,000 cashfor the first six months (December 2015 - May 2016) rent.3The company purchased $1,500 of office supplies on account.10The company paid $3,600 cash for the premium on a 12-monthinsurance policy.14The company paid $10,750 cash for two weeks' salaries earned byemployees.24The company collected $54,000 cash on commissions from airlineson tickets obtained for customers.28The company paid $12,125 cash for two weeks' salaries earned byemployees.29The company paid $350 cash for minor repairs to the company'scomputer.30The company paid $450 cash for this month's telephone bill.30Dividends of $3,000 cash were paid.Adjustment Data:One month's insurance coverage has expired.The company occupied the office space for the month ofDecember.At the end of the month, $600 of office supplies are stillavailable.This month's depreciation on the computer equipment is $325.Employees earned $525 of unpaid and unrecorded salaries as ofmonth-end.Final Project RequirementsUsing the spreadsheet found here and information above, completethe following:Journal entries to record the transactions that occurred duringthe month of December.Prepare an unadjusted trial balance.Week5 submission assignmentAssignment DetailsUsing the same data in the Unit 3 Submission and incorporatingthe feedback you received from your instructor on Submission 3,perform the steps below to complete the final project.Adjustment Data:One month's insurance coverage has expired.The company occupied the office space for the month ofDecember.At the end of the month, $600 of office supplies are stillavailable.Create journal entries to record the transactions that occurredduring the month of December. (Completed in Unit 3)Prepare an unadjusted trial balance (Completed in Unit 3)Create adjusting journal entries at the end of the year,December 31 based on the adjustment data.Prepare an adjusted trial balance.Prepare an income statement, statement of stockholders' equity,and classified balance sheet.Create closing journal entries to close all temporaryaccounts.Prepare post-closing trial balance.In addition, answer TWO of the questions below in 1-2 fullydeveloped paragraphs. A fully developed paragraph should have amajor point with 3 to 5 support sentences. One or two sentences isnot acceptable or does not discuss the question. Be sure to showwhat you know!!!Trap Adventures, Inc. is looking for an accountant. In your ownwords, explain to Trap's hiring team the role of accountant andaccounting within business. Provide examples of the expectations ofthe accountant.Discuss the financial position of Trap Adventures, Inc. usingthe 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 income statement, evaluate theoperations for the month of December. Complete a common-size incomestatement using sales as the base number. What is the largestpercentage? What is the smallest percentage? What recommendationscould be made to increase Trap's net income?Currently, Trap Adventures, Inc. does not own any loans or banknotes (long-term liabilities). What would happen if Trap decides toobtain a bank loan for $25,000 to fund daily operations? How wouldthis transaction impact the financial statements - which accountswould be affected? What is the debt to equity ratio? What does thedebt to equity ratio represent