Check 50 This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Eli's Consulting Services for the month of January 2020, Assume that you are the chief accountant for Ell's Consulting Services. During January, the business will use the same types of records and procedures that you learned about in Chapters through 6. The chart of accounts for Els Consulting Services has been expanded to include a few new accounts. Follow the instructions on the Requirements tab to complete the accounting records for the month of January DAT January DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015 2 Purchased a one-year insurance policy for $16,800 7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January. 12 Collected a total of $8,000 on account from credit customers during the first week of January 12 Issued Check 1917 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. 13 Collected a total of $9,000 on account from credit customers during the second week of January 14 Returned supplies that were damaged for a cash refund of $1,500 15 Sold services for $41,400 in cash and $4,600 on credit during the second week of January 20 Purchased supplies for $10,000 from White's, Inc received Invoice 2384 payable in 30 days 20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January 20 Collected a total of $11,200 on account from credit customers during the third week of January 21 Issued Check 1918 for $14, 130 to pay for maintenance work on the office equipment 22 Issued Check 1019 for $7.200 to pay for special promotional advertising to new businesses in the local newspaper 23 Received the monthly telephone bill for $2,050 and paid it with Check 1020. 26 Collected a total of $3,200 on account from credit customers during the fourth week of January 27 Issued Check 1021 for $6,000 to Office Plus as payment on account for Invoice 2223 28 Sent Check 1922 for $5,350 in payment of the monthly bill for utilities 29 Sold services for $38,000 in cash and $5,500 on credit during the fourth week of January 31 Issued Checks 1023-1027 for $65.600 to pay the monthly salaries of the regular employees and three part-time workers 31 Issued Check 1028 for $24,000 for personal use. 21 Issued Check 1025 for 58,300. to pay for maintenance services for the month 1 Purchased additional equipment for $30,000 from contemporary Equipment Company issued Chuck 1030 for $20,000 and bought the rest on credit the equipment has a five year Tire and no salvage value 31 Sald services for $15,200 in cash and $3,240 on credit on January 31 ADJUSTMENTS 31 Compute and record the adjustment for supplies used during the monthAn inventory taken on January 31 showed supplies of 39, 400 on hand 31 Condote and record the adjustsent for expired insurance for the month 31 Record the adjustment for one month of expired rent of $4,000 31 Record the adjustment for depreciation of $181 on the old equipment for the month The first adjustment for depreciation for the new quipment will be recorded in February Required: 1. General Ledger tab: Enter the account balances for January 1, 20x2 from the postclosing trial balance prepared on December 31, 20x1, which appears in Figure 6.3. 2. General Journal tab: Analyze each of the transactions listed for January and record it in the general journal 3. General Ledger tab: Post the transactions to the general ledger accounts. 4. Worksheet tab: Prepare the Trial Balance section of the worksheet. 5. Worksheet tab: Prepare the Adjustments section of the worksheet using the adjusting transactions. 6. Worksheet tab: Complete the worksheet. 7. Income Statement tab: Prepare an income statement for the month, 8. Stmt of OE tab: Prepare a statement of owner's equity 9. Balance Sheet tab: Prepare a balance sheet 10. Adjusting and Closing tab: Record the adjusting entries and the closing entries in the general journal. 11. General Ledger tab: Post the adjusting entries and the closing entries to the general ledger accounts 12. Post Closing tab: Prepare a postclosing trial balance Analyze: Answer the questions on the Analyze tab to compare the January 31 balance sheet you prepared with the December 3 balance sheet shown in Figure 6.4 Complete this question by entering your answers in the tabs below. General Requirement Adjusting General Income Worksheet Stmt of OE Bal Sheet Postclosing Analyze Joumal and Closing Ledger Statement 1. General Ledger tab: Enter the account balances for January 1, 20x2 from the postclosing trial balance prepared on December 31, 20XT, which appears in Figure 6.3. 2. General Journal tab: Analyze each of the transactions lished for January and record it in the general journal. 3. General Ledger tab: Post the transactions to the general ledger accounts, 4. Worksheet tab: Prepare the Trial Balance section of the worksheet. S. Worksheet tab: Prepare the Adjustments section of the worksheet using the adjusting transactions. 6. Worksheet tab: Complete the worksheet. 7. Income Statement tab: Prepare an income statement for the month. 8. Stmt of OE tab: Prepare a statement of owner's equity. 9. Balance Sheet tab: Prepare a balance sheet. 10. Adjusting and Closing tab: Record the adjusting entries and the closing entries in the general journal. 11. General Ledger tab: Post the adjusting entries and the closing entries to the general ledger accounts. 12. Post Closing tab: Prepare a postclosing trial balance. Show less Eli's Consulting Services Postclosing Trial Balance December 31, 20X1 CREDIT DEBIT 111 35 000 500.000 100 000 400000 ACCOUNT NAME Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Troyton Ell, Capital Totals 110 00 00 1 8 3 00 350 000 128/6 67 00 132 35 000 132 35 000