Continuing Problenm This problem completes the Carl Redmon Consulting situation, begun in Problem 1-42 of Chapter 1 and continued through Chapters 2-4 P5-45 Carl Redmon performs systems consulting. Redmon has also begun se ing accounting software. During January, Carl Redmon Consulting com- pleted these transactions: Completed a consulting engagement and received cash of S7,200. Prepaid three months' office rent, $1,500. Purchased software inventory on account, $3,900, plus freight in, $100. Paid employee salary, $1,400 Sold software on account, $1,100 (cost $700). Consulted with a client for a fee of $900 on account. Paid on account, $2,000. Paid utilities, $300. Sold software for cash, $600 (cost $400). Recorded these adjusting entries: Jan. 2 2 7 16 18 19 21 24 28 31 Accrued salary expense, $1,400. Depreciation, $200. Expiration of prepaid rent, $500 Physical count of inventory, $2,800. Requirements 1. Open the following selected T-accounts in the ledger: Cash; Accounts Receivable; Software Inventory; Prepaid Rent; Accumulated Depreciation; Accounts Payable; Salary Payable; Carl Redmon, Capital; Income Summary; Service Revenue; Sales Revenue, Cost of Goods Sold; Salary Expense; Rent Expense; Utilities Expense; and Depreciation Expense. 2. Journalize and post the January transactions. Key all items by date 3. Journalize and post the closing entries. Denote each closing amount 4. Prepare the January income statement of Carl Redmon Consulting. Compute each account balance, and denote the balance as Bal. as Clo. After posting all closing entries, prove the equality of debits and credits in the ledger. Use the single-step format