5 Date During January, the first month of operations, the following transactions occurred: Event 2-Jan Paid for 12 months rent on office space 5-Jan Purchased office furniture. Amount 9,000 Amount 8 9 11-Jan Performed services for various customers for cash and on account (total 24,000 Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid 5-Jan back in 5 years 8,950 30,000 loan amt 12,500 cash 0.02 interest rate 11500 on account 20 19-Jan Paid salaries to employees for 1 week. 6,560 20-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months. 11,760 22 22-Jan Purchased additional office supplies on account. 5,650 23 28-Jan Collected payments for amounts previously billed. 8,950 24 29-Jan Paid for utilities. 1,986 25 29-Jan Paid the bill for supplies purchased previously. 10,590 26 31-Jan Dividends were declared and paid. 500 27 28 29 At the end of January, the following additional information is available to help determine what adjustments are needed: Amount Amount BO 81 31-Jan One month of interest has accrued on the note payable for the bank loan. 82 33 31-Jan Additional work for customers has been performed during the last week of January but not billed yet 31-Jan Supplies were counted at month end 6985 4680 34 31-Jan One month of the prepaid rent has been used up 35 36 31-Jan Depreciation expense needs to be recognized for the computer equipment and for the office furniture 31-Jan One month of the services for Stanley Inc. has been performed (see above). 295 comp equip 85 off furn 37 31-Jan Salaries are paid every Friday (for a 5 day work week). January 31 was a Tuesday 6,560 weekly 38 39 + SUGGESTED STEPS FOR COMPLETION OF THE PROJECT: 40 41 Prepare journal entries to record the January transactions given. Please refer to the Worksheet tab for Account Titles you may need. info JE ADJUSTING JE CLOSING JE Worksheet statements worksheet formulas statement formulas Trans Analysis NOT REQUIRED Ready Accessibi