Katie Long owns and operates KL Company. Transactions for the month of March have been posted to the T accounts. An intern has prepared a trial balance from the T accounts, but there seem to be some errors. Required:1. In the Transactions panel, descriptions of the transactions for the month of March are provided. Each of the transactions in the Transactions panel has been posted to the T accounts. Referring to the T accounts, select the date on which each transaction occurred, enter the amount of the transaction, and select the account to debit and credit.2. The trial balance prepared by the intern can be found in the Trial Balance: Unequal Totals panel. The intern is puzzled by the unequal totals. Prepare a corrected trial balance on the Trial Balance: Correct panel.3. Compare the trial balance prepared by the intern (Trial Balance: Unequal Totals) to the trial balance that you prepared (Trial Balance: Correct). Use the table provided in the Errors in Trial Balance panel to select the accounts for each type of error.4. The intern is puzzled and asks "Are you sure the accounting equation is still in balance?" Using the corrected trial balance you prepared, prove that the accounting equation is in balance. Still puzzled, the intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance?" Explain. Cash3/1 18,400.00 3/3 2,600.003/25 7,725.00 3/27 1,200.003/30 7,825.00 3/29 3,625.00 3/31 1,975.00 Accounts Receivable3/18 9,875.00 3/30 7,825.00Supplies3/7 1,500.00 Equipment3/2 18,000.00 Accounts Payable3/27 1,200.00 3/7 1,500.00 Notes Payable 3/2 18,000.00Katie Long, Capital 3/1 18,400.00 Katie Long, Drawing3/31 1,975.00 Fees Earned 3/18 9,875.00 3/25 7,725.00 Rent Expense3/3 2,600.00 Wages Expense3/29 3,625.00 Descriptions of the transactions for the month of March are provided in the table below. Each of the transactions below has been posted to the T accounts. Referring to the T accounts, select the date on which each transaction occurred, enter the amount of the transaction, and select the account to debit and credit. Transaction Date Amount Debit CreditPaid wages. Paid rent for April. Purchased equipment, giving a note payable for the purchase price. Received cash from customers on account. Katie Long, owner of KL Co., contributed cash to the business. Purchased supplies on account. Recorded fees earned on account. Received cash for fees earned. Recorded owner's withdrawal. Paid creditors on account. Trial Balance: Unequal TotalsThe intern has prepared the following trial balance for the month of March. KL CompanyUNADJUSTED TRIAL BALANCEMarch 31, 20-- ACCOUNT TITLE DEBIT CREDIT1 Cash 12,250.002 Accounts Receivable 2,050.003 Supplies 5,100.004 Equipment 18,000.005 Accounts Payable 300.006 Notes Payable 18,000.007 Katie Long, Capital 18,400.008 Katie Long, Drawing 1,975.009 Fees Earned 2,150.0010 Rent Expens 2,600.0011 Wages Expense 3,625.0012 Totals 38,250.00 46,200.00Trial Balance: CorrectThe trial balance prepared by the intern can be found in the Trial Balance: Unequal Totals panel. The intern is puzzled by the unequal totals. Prepare a corrected trial balance. KL CompanyUNADJUSTED TRIAL BALANCEMarch 31, 20-- ACCOUNT TITLE DEBIT CREDIT1 Cash2 Accounts Receivable3 Supplies4 Equipment5 Accounts Payable6 Notes Payable7 Katie Long, Capital8 Katie Long, Drawing9 Fees Earned10 Rent Expense11 Wages Expense12 TotalsErrors in Trial BalanceCompare the trial balance prepared by the intern (Trial Balance: Unequal Totals) to the trial balance that you prepared (Trial Balance: Correct).