1. Prepare journal entries for each event. 2. Prepare the t-accounts 3. Prepare unadjusted Trial Balance. 4. Record Adjusting Entries. ACCT 6351, Spring 2020 PROJECT 1 Transactions for Blackberry Mountain Inc for the month of January is as follows: 1/1 Company issued common stock for $21,000 1/2 a Supplies are purchased for $3,000. 1/2 b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset) 1/2 c Rent is paid for 3 months beginning in January: $4,500 (record as an asset) 1/3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest 5. Prepare Adjusting Trial Balance. 6. Prepare Income Statement, Balance sheet, and Statement of Retained Earnings. 7. Prepare closing Entries. 1/6 An equipment is purchased for $22,500 cash. It will be used for 3 years and will be depreciated monthly using straight-line depreciation with no salvage value. A full month of depreciation will be charged in January. (Depreciation Expense= 22,500/31/12=635) 1/9 Services are performed for customers on account. Invoices totaling $9,800 are mailed. 1/10 Services are performed for cash customers: $7,600. 1/15 Blackberry Mountain Inc borrows $16,000 from 2nd State Bank at 9% annual interest. 1/16 Wages for the first half of the month are paid on January 16: $4,200 1/20 The company receives $3,000 from a customer for an advance order for services to be provided in January and February. 1/25 Collections from customers on account (see January 9 transaction): $4,500. 1/30 A $3,100 utility bill for January arrived. It is due on February 15. Additional information for the adjusting entries at January 31: a. The company completed 60% of the deliveries for the customer that paid in advance on January 20th. b. Interest is accrued for the two bank loans (assume a full month for the 1st State Bank loan and 1 month for the 2nd State Bank loan). c. The last 2 weeks' wages earned by employees are $4,200 and will be paid on February 3rd. d. Record January depreciation. e. Adjust the prepaid asset accounts as needed. 1. Prepare journal entries for each event. 2. Prepare the t-accounts 3. Prepare unadjusted Trial Balance. 4. Record Adjusting Entries. ACCT 6351, Spring 2020 PROJECT 1 Transactions for Blackberry Mountain Inc for the month of January is as follows: 1/1 Company issued common stock for $21,000 1/2 a Supplies are purchased for $3,000. 1/2 b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset) 1/2 c Rent is paid for 3 months beginning in January: $4,500 (record as an asset) 1/3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest 5. Prepare Adjusting Trial Balance. 6. Prepare Income Statement, Balance sheet, and Statement of Retained Earnings. 7. Prepare closing Entries. 1/6 An equipment is purchased for $22,500 cash. It will be used for 3 years and will be depreciated monthly using straight-line depreciation with no salvage value. A full month of depreciation will be charged in January. (Depreciation Expense= 22,500/31/12=635) 1/9 Services are performed for customers on account. Invoices totaling $9,800 are mailed. 1/10 Services are performed for cash customers: $7,600. 1/15 Blackberry Mountain Inc borrows $16,000 from 2nd State Bank at 9% annual interest. 1/16 Wages for the first half of the month are paid on January 16: $4,200 1/20 The company receives $3,000 from a customer for an advance order for services to be provided in January and February. 1/25 Collections from customers on account (see January 9 transaction): $4,500. 1/30 A $3,100 utility bill for January arrived. It is due on February 15. Additional information for the adjusting entries at January 31: a. The company completed 60% of the deliveries for the customer that paid in advance on January 20th. b. Interest is accrued for the two bank loans (assume a full month for the 1st State Bank loan and 1 month for the 2nd State Bank loan). c. The last 2 weeks' wages earned by employees are $4,200 and will be paid on February 3rd. d. Record January depreciation. e. Adjust the prepaid asset accounts as needed