Accounting : recording a transaction in basic journal formpart 1: based on the information given below, complete the steps of journalizing. rex consulting services opened for business in january, 2005. the company maintains the following ledger accounts: 1.1 cash in bank1.2 accounts receivable1.3 office supplies1.4 prepaid rent2.1 accounts payable3.1 rex's capital4.1 consulting revenue5.1 rent expenses5.2 utilities expensesthe company engaged in the following business activity in january: jan 15: issued $50,000 of stock to shareholders per memorandum 10b. jan 17: mailed check no. 711 to pay $400 office rent for the remainder of january. jan 20: purchased office supplies for $200. the supplies will last for several months, and payment is not due until february 15th according to invoice 1052.jan 25: purchased office equipment for $15,000 cash (invoice 1053).jan 27: performed consulting services and billed clients for $2,000. the entire amount will not be collected until february according to invoice rx7229.jan 31: recorded a $100 utilities expense. payment is not due until february 20th per ubill 0212.guidelines for the assignment: analyze and identify the accounts. classify the accounts. apply the rules of debit and credit. create a t account. pass the journal entry. record each of the above transactions in a general journal form. part 2: write down all the steps required for journalizing the following business transactions: on january 5th, mr. david took $20,000 from his personal savings and deposited it to start a business account in the name of david transport service. on january 6, david transport service issued check no. 506 for $2,000 to buy a computer system. on january 10, david transport service paid $100 to blue company for telephone charges. memorandum 5.on january 15, david transport service mailed check no. 507 for $500 toward the month’s rent. on january 20, david wrote check no. 508 to withdraw $500 cash for personal use.