Create a journal entry, t account, and trial balance excel spreadsheet for the given information. use provided pictures as template.

Background: Kyrie has always wanted to become a consultant. Rather than wait for a company to hire him, he decides to start up his own consulting business. With $5,000 of cash savings, he decides to fund Kyries Consulting Group, otherwise known as KCG. Kyrie took MGT 11A, so he decides to put his Accounting knowledge to work. The following is a list of activities that Kyrie performs for KCG. When accounting for his business, Kyrie remembers that not all activities translate into Journal Entries on the date they occur.

Month of January

• 1/1/20XX KCG prepays 1 year of Insurance for $2,400 Cash ($200/month)
• 1/1/20XX KCG prepays 2 months of Rent in an office for $2,000 Cash ($1,000/month)
• 1/1/20XX KCG prepays 2 months of Advertising for $200 Cash ($100/month)
• 1/5/20XX KCG buys Supplies in the form of 10 notebooks at $5/each. Each notebook is meant to be completely used up during each Consulting session. Supplies were paid in Cash
• 1/10/20XX Customer 1 prepays KCG for 5 Consulting sessions at $300/consultation
• 1/17/20XX KCG hires an assistant, who has a weekly wage of $100. As a business policy, KCG pays wages at the first of every month.
• 1/30/20XX KCG provides one Consulting session for Customer 2 for $300. Given that its the end of the week, KCG will bill Customer 2 in the first week of February
• 1/31/20XX It is the end of the month, and Kyrie looks back at his notes: He realizes he provided Customer 1 with one Consulting session in the month of January, and he needs to account for that, given that they prepaid for Consulting sessions. He also checks his Supplies cabinet and notices that he now has 8 notebooks. He realizes he should adjust for that as well, given that he needs to account for used Supplies. He then realizes there were other things that lapsed in the month of January that he should make Adjustments for to ensure Januarys Financial Statements are correct under Accrual Basis Accounting. Thankfully, he took MGT 11A.

Based on the Excel Spreadsheet and Lecture 3-2 (MGT 11A Week 3-2.xslx):

Objective 1: What are the Debit/Credit Journal Entries recorded for the business during the month of January, and what are the Adjustment Journal Entries at the end of the month?

Objective 2: Post the Journal Entries to the Ledger T-Accounts and note the ending balances of each Account. Make sure to use T-Accounts and properly post the amounts in the proper Dr/Cr columns. NOTE: There will definitely be more T-Accounts than whats provided in the Week 3-2.xlsx Excel file. Make sure you make proper adjustments for them

Objective 3: Construct the Adjusted Trial Balance for the month of January

Hint: There should be 13 Journal Entries total, inclusive of Adjustments

Background: Kyrie has always wanted to become a consultant. Rather than wait for a company to hire him, he decides to start up his own consulting business. With $5,000 of cash savings, he decides to fund "Kyrie's Consulting Group," otherwise known as KCG. Kyrie took MGT 11A, so he decides to put his Accounting knowledge to work. The following is a list of activities that Kyrie performs for KCG. When accounting for his business, Kyrie remembers that not all activities translate into Journal Entries on the date they occur. Month of January 1/1/20XX - KCG prepays 1 year of Insurance for $2,400 Cash ($200/month) 1/1/20XX - KCG prepays 2 months of Rent in an office for $2,000 Cash ($1,000/month) 1/1/20XX - KCG prepays 2 months of Advertising for $200 Cash ($100/month) 1/5/20XX - KCG buys Supplies in the form of 10 notebooks at $5/each. Each notebook is meant to be completely used up during each Consulting session. Supplies were paid in Cash 1/10/20XX - Customer 1 prepays KCG for 5 Consulting sessions at $300/consultation 1/17/20XX - KCG hires an assistant, who has a weekly wage of $100. As a business policy, KCG pays wages at the first of every month. 1/30/20XX - KCG provides one Consulting session for Customer 2 for $300. Given that it's the end of the week, KCG will bill Customer 2 in the first week of February 1/31/20XX - It is the end of the month, and Kyrie looks back at his notes: He realizes he provided Customer 1 with one Consulting session in the month of January, and he needs to account for that, given that they prepaid for Consulting sessions. He also checks his Supplies cabinet and notices that he now has 8 notebooks. He realizes he should adjust for that as well, given that he needs to account for used Supplies. He then realizes there were other things that lapsed in the month of January that he should make Adjustments for to ensure January's Financial Statements are correct under Accrual Basis Accounting. Thankfully, he took MGT 11A. Based on the Excel Spreadsheet and Lecture 3-2 (MGT 11A Week 3-2.xslx): Objective 1: What are the Debit/Credit Journal Entries recorded for the business during the month of January, and what are the Adjustment Journal Entries at the end of the month? Objective 2: Post the Journal Entries to the Ledger T-Accounts and note the ending balances of each Account. Make sure to use T-Accounts and properly post the amounts in the proper Dr/Cr columns, NOTE: There will definitely be more T-Accounts than what's provided in the Week 3. 2.xlsx Excel file. Make sure you make proper adjustments for them Objective 3: Construct the Adjusted Trial Balance for the month of January Hint: There should be 13 Journal Entries total, inclusive of Adjustments PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing E Trial Balances January 31, 20XX Unadjusted Trial Balance Debit Credit 1,240 120 Adjustments Debit Credit 120 Adjusted Trial Balance Debit Credit 1,240 120 10 500 240 10 240 Account Cash Prepaid Insurance Accounts Receivable Uneamed Revenue 1 Wages Payable 2 Common Stock 3 Consulting Revenue -4 Subscription Service Revenue 5 Wages Expense 16 Insurance Expense 17 Totals 100 100 1,000 500 20 1,000 500 100 100 10 630 10 1,360 1,360 630 1.990 1.990 Transactions 1-3 Transactions 4-7 Transactions 1-7 Journal Entries T-Accounts Trial Balance Ready Tyne here to PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected Vi Debit Credit Notes First, we need to fund 1000 1000 120 Transaction # Date Account 1 1/1/20XX Cash Common Stock 2 1/1/20XX Prepaid Insurance Cash 3 1/1/20xx Cash Unearned Revenue 4 1/31/20XX Accounts Receivable Consulting Revenue 5 1/31/20XX Wages Expense Wages Payable 6 1/31/20XX Insurance Expense Prepaid Insurance 7 1/31/20XX Unearned Revenue Subscription Service Revenue Prepaying Insurance fo 120 Customer 1 prepays us 240 ADJUSTING ENTRY 1: A 500 ADJUSTING ENTRY 2: A 100 ADJUSTING ENTRY 3: A 10 ADJUSTING ENTRY 4: A 20 muu 20 36 Journal Entries T-Accounts Trial Balance Ready KLMNOS ANAC AD AE AF Prepaid insurance Wees Pay Canin Revenue