accounting cycle project

w. Dwnare iournal entries for each transaction (if appropriate). E. Show the closing journal entry. ACCT 100: Accounting Cycle Problem Instructions This accounting cycle problem is due on Friday, October 20 at the beginning of class. Please bring a printed copy to class. The problem is worth 50 points. You can work with others, and consult the accounting tutors, and the accounting professor. However, you will tum in the completed problem yourself, with your name only. Piease complete with word processing and/or Excel (no hand-written problems). Information Assume Jade Quilts and Crafts Shop has been in business for several years. The balances in the accounts on Jamuary 1,2023 are in the T-Accounts. The following transactions took place during 2023. a. Company purchased inventory on credit (with accounts payable), cost of $310,000. b. Company made credit sales (with accounts receivable), amount of $220,000. c. Company collected accounts receivable, amount of $155,000. d. Company hired a new sewing and craft instructor. He will start in January 2024. c. Company made cash sales, amount of $160,000. f. Company paid off accounts payable in the amount of $180,000. 8. Company counted inventory at year-end, and found that the inventory sold cost $295,000. h. Company paid $35,000 in salaries in cash. i. Compasy paid $3,000 for interest on the note payable (Noncurrent). j. Company recognized $2,500 in depreciation on the Property, Plant and Equipment. k. Company pays income taxes at a rate of 20%. It uses an income tax payable account now, and will pay cash in the future. C. Post the information from the journal entries into the T-accounts. D. Compute the eading balance in each T-account. See the worksheet. E. Shew the closing journal eatry. F. Go back to the T-accounts and post this closing journal entry. Compute the ending balances in the accounts. Note: You do not have to prepare a trial balance. G. Please prepare a complete income statement for the year ending December 31, 2023. Jade Quilts asd Crafts Shop Inceme Statement For Year Ending December 31, 2023 H. Please prepare a complete balance sheet for the year ending December 31, 2023. However, please fill in the blanks. Jade Qults and Crafts Shop Bulasce Sheet For Year Eading December 31, 2023 MacBook Pro