Accounting Cycle Project Using the chart of accounts below, and the included T-account sheets, trial balance, and worksheets, complete the following Account Name Account Number Cash 100 Accounts Receivable 120 Supplies 130 Prepaid Insurance 140 Prepaid Rent 150 Accounts Payable 200 Wages Payable 210 Interest Payable 220 Notes Payable 230 Common Stock 300 Retained Earnings 310 Service Revenue 400 Wages Expense 500 Operating Expenses 510 Interest Expense 520 Insurance Expense 530 Rent Expense 540 Supplies Expense 550 Dividends 600 1.) Record journals for the following transactions: You opened your business on January 1, 2022. You decide that you want to close your books monthly. The following transactions occurred: a.) January 1 - Started business by issuing $20,000 of stock to its owners in exchange for cash b.) January 1 Paid Rent for the entire year. Rent is $500 per month c.) January 1 Purchased $500 of supplies on account d.) January 9 - Paid 5 employees for one weeks pay. Employees work Monday through Friday, 8 hours a day, five days a week (no overtime). Each employee makes $15 per hour. e.) January 12 - Paid $200 of the amount owed for supplies in c.) above f.) January 13 - Earned $57,000 in service revenue on account g.) January 15 - Paid $1,800 for a one-year insurance policy beginning that day h.) January 16 - Paid employees for one weeks pay. i.) January 20 - Collected $35,500 of its accounts receivable j.) January 23 - Paid employees for one weeks pay. k.) January 30 - Paid $2,000 cash for operating expenses l.) January 30 - Paid employees for one weeks pay. m.)January 31 - Declared and paid $250 dividends 2.) Complete the unadjusted trial balance 3.) Record the following adjusting entries m.) Recorded an adjusting entry for the amount of insurance used during the year. (see entry g) n.) Recorded an adjusting entry to reflect that only $100 of supplies were left on January 31 (See entry c.) o.) Recorded adjusting entry for payroll; January 31st was on Tuesday this means you have to accrue for Monday and Tuesday. p.) Adjusting entry for rent expense (see entry b) 4.) Complete the adjusted trial balance