$1.$ CREATE JOURNAL ENTRIES FOR THE February $2023$ TRANSACTIONS BELOW FOR SUNFLOWER DESIGNS:$*$ On February $1,$ $$300$ of office supplies were purchased on credit; the terms of the invoice were net $30.$ All of the supplies were used during the month of February $($hint: expense immediately$).*$ On February $1,$ a computer laptop was purchased on credit totaling $$1,475.$ The estimated useful life of the computer is three $(3)$ years and is expected to have no salvage value. The invoice terms were $2/10,$ net $30.*$ On February $2,$ a $24-$month liability insurance policy was purchased to cover SunflowerDesigns. The full cost of the policy, $$3,500,$ was paid in cash on the same date.$*$ On February $4,$ payroll checks were issued for the wages payable balance.$*$ On February $5,$ Sunflower Designs purchased $$1,450$ worth of inventory items for resale. These items were purchased on credit and the invoice term is $2/10,$ net $30.*$ On February $9,$ a check was issued to pay for the inventory purchased on February $5.*$ On February $10,$ Sunflower Designs paid for the office supplies purchased on credit onFebruary $1.*$ On February $12,$ Sunflower Designs completed and delivered an interior design layout to a customer for $$8,700.$ The customer had paid for the services in advance in a previous month, and Sunflower Designs had appropriately recorded the deposit.$*$ On February $14,$ Sunflower Designs completed, delivered, and billed an interior design layout for $$12,141$ to a new customer. The terms of the invoice were $2/10,$ net $30.**$ On February $14,$ Sunflower Designs paid $$1,375$ in wages to a temporary employee in cash. On the same date, the company remitted payroll taxes of $$370,$ previously accrued, to the appropriate government entities.$*$ On February $18,$ Sunflower Designs received a refund of $$75$ from their office supply vendor for items that were returned on the February $1$ purchase$\mathrm{.}1.$ On February $20,$ a customer paid the balance due for an interior design layout. The invoice for these services was sent to the customer on January $22,2022.$ The contract price was $$13,700.*$ On February $24,$ Sunflower Designs sold a side table from inventory for $$950.$ The inventory cost for this item was $$610.$ The customer paid cash for this purchase.$*$ On February $26,$ $$1,775$ worth of inventory was returned to supplier because of defects. The inventory had been purchased on account in January and had not been paid for.$*$ On February $28,$ the customer delivered a check for one$-$half of the interior design invoice delivered on February $14\mathrm{.}1.$ CREATE THE FEBRUARY $28,2023$ UNADJUSTED TRIAL BALANCE$2.$ CREATE ADJUSTING JOURNAL ENTRIES FOR FEBRUARY $28,2023*$ Record the depreciation for the laptop purchased on February $1.*$ Record the February $2023$ depreciation for all computers & software owned before the February $1$ purchase. These items are being depreciated over $3$ years using the straight$-$line method with no salvage value.$*$ Record the February $2023$ depreciation for the furniture & fixtures. These items are being depreciated over $7$ years using the straight$-$line method with no salvage value.$*$ Record the adjusting entry for February's rent. Sunflower Designs paid $$9,000$ in advance for $6$ months' rent on December $1,2022.$ All previous months' adjusting entries were made as required.$*$ Record the adjusting entry for the consumption of prepaid insurance for the month of February. The preexisting policy has $36-$months remaining as of February $1,$ and recall that the new policy provides coverage for $24-$months. The previous months' adjusting entries were made as required.$**$ u$.$ Record the amount due to employees for time worked during February, but not paid. The amount earned by the employees was $$3,050.$ The payroll taxes should be accrued at $20\%$ of the wages and the entry should be made, payment for these taxes will occur in March$\mathrm{.}1.$ CREATE THE ADJUSTED TRIAL BALANCE$\mathrm{.}2.$ CREATE THE FEBRUARY $28,2023$ INCOME STATEMENT.The amount for each account must be linked from the ending balances in the Trial Balance.All sub$-$totals and totals must be accurately calculated using Excel formulas$\mathrm{.}6.$ CREATE THE FEBRUARY $28,2023$ BALANCE SHEET.The amount for each account must be linked from the ending balances in the Trial Balance.All sub$-$totals and totals must be accurately calculated using Excel formulas.Note: The trial balance may include decimals, but the financial statements should not show decimals.GRADING RUBRIC$1.$ JOURNAL ENTRIES$/$ADJUSTING JOURNAL ENTRIES $(25\%)*$ All required journal entry items are present and correctly formatted.$*$ Journal entries are accurate and balance$\mathrm{.}2.$ TRIAL BALANCE$/$ADJUSTMENTS$/$ADJUSTED TRIAL BALANCE $(25\%)*$ All journal entries are properly reflected on the trial balance.$*$ All closing entries are properly reflected in the adjustments.$*$ The adjusted trial balance reflects the entries from the trial balance and the adjustments.$*$ A formula is used to determine all of the ending debit$/$credit balances.$*$ The debits and credits are balanced for each of the $3$ sections.$*3.$ INCOME STATEMENT $(25\%)*$ All totals are linked from the ending balance amounts on the Trial Balance.$*$ All sub$-$totals and totals are accurately calculated $($using Excel formulas$).*$ C$.$ Ensure that $ signs are used correctly.$*$ d$.$ Ensure that statement heading is correct.$*4.$ BALANCE SHEET $(25\%)*$ All totals are linked from the ending balance amounts on the Trial Balance.$*$ b$.$ All sub$-$totals and totals are accurately calculated $($using Excel formulas$).*$ C$.*$ Ensure that $ signs are used correctly.$*$ d$.$ Ensure that statement heading is correct.