DATE TRANSACTIONS Jan. 2 Purchased supplies for $14, bea; issued Check 1915. 2 Purchased a one-year insurance policy for $16,8ee. 7 sold services for $30, eee in cash and $20,088 on credit during the first week of January. 12 Collected a total of $8,808 on account from credit customers during the first week of January. 12 Issued Check 1017 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 $9,808 on account from credit customers during the second week of January. 14 Returned supplies that were damaged for a cash refund of $1,5ee. 15 Sold services for $41,400 in cash and $4,608 on credit during the second week of January. 20 Purchased supplies for $10,Bee from White's, Inc.; received Invoice 2384 payable in 30 days. 20 sold services for $25, eee in cash and $7,898 on credit during the third week of January. 20 Collected a total of $11,280 on account from credit customers during the third week of January. 21 Issued Check 1018 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 $2,850 and paid it with Check 1820. 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 1022 for $5,350 in payment of the monthly bill for utilities. 29 sold services for $38,eee in cash and $5,508 on credit during the fourth week of January. 31 Issued Checks 1823-1927 for $65,6ee to pay the monthly salaries of the regular employees and three part-time workers. 31 Issued Check 1028 for $24,880 for personal use. 31 Issued Check 1929 for $8,388 to pay for maintenance services for the month. 31 Purchased additional equipment for $30,000 from Contemporary Equipment Company; issued Check 1030 for $20,8e and bought the rest on credit. The equipment has a five-year life and no salvage value. 31 sold services for $15, 200 in cash and $3,248 on credit on January 31. ADJUSTMENTS 31 Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $9,480 on hand. 31 Compute and record the adjustment for expired insurance for the month. 31 Record the adjustment for one month of expired rent of $4, eee. 31 Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment 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 31 balance sheet shown in Figure 6.4. By 1, 2, 3, . 11 m. Eli's Consulting Services Income Statement Month Ended December 31, 20X1 47 0 0 000 Revenue Fees Income Expenses Salaries Expense Utilities Expense Supplies Expense Rent Expense Depreciation Expense-Equipment Total Expenses Net Income for the Month 800000 65 000 50 000 400000 1 8 3 00 13 3 3 3 00 33 6 6 700 Eli's Consulting Services Statement of Owner's Equity Month Ended December 31, 20X1 100 0 0 0 00 Trayton Ell, Capital, December 1, 20X1 Net Income for December Less Withdrawals for December Increase in Capital Trayton Ell, Capital, December 31, 20X1 33 6 6 7 00 5 000 00 28 6 6 7 00 128 6 6 7 00 Eli's Consulting Services Balance Sheet December 31, 20X1 Assets Cash Accounts Receivable Supplies Prepaid Rent Equipment Less Accumulated Depreciation Total Assets 111 35 000 5 000 00 100 000 400 000 11 0 00 00 1 8 3 00 10 8 1 7 00 132 1 6 7 00 3 50 000 Liabilities and Owner's Equity Liabilities Accounts Payable Owner's Equity Trayton Ell, Capital Total Liabilities and Owner's Equity 128 6 6 7 00 132 1 6 7 00 DATE TRANSACTIONS Jan. 2 Purchased supplies for $14, bea; issued Check 1915. 2 Purchased a one-year insurance policy for $16,8ee. 7 sold services for $30, eee in cash and $20,088 on credit during the first week of January. 12 Collected a total of $8,808 on account from credit customers during the first week of January. 12 Issued Check 1017 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 $9,808 on account from credit customers during the second week of January. 14 Returned supplies that were damaged for a cash refund of $1,5ee. 15 Sold services for $41,400 in cash and $4,608 on credit during the second week of January. 20 Purchased supplies for $10,Bee from White's, Inc.; received Invoice 2384 payable in 30 days. 20 sold services for $25, eee in cash and $7,898 on credit during the third week of January. 20 Collected a total of $11,280 on account from credit customers during the third week of January. 21 Issued Check 1018 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 $2,850 and paid it with Check 1820. 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 1022 for $5,350 in payment of the monthly bill for utilities. 29 sold services for $38,eee in cash and $5,508 on credit during the fourth week of January. 31 Issued Checks 1823-1927 for $65,6ee to pay the monthly salaries of the regular employees and three part-time workers. 31 Issued Check 1028 for $24,880 for personal use. 31 Issued Check 1929 for $8,388 to pay for maintenance services for the month. 31 Purchased additional equipment for $30,000 from Contemporary Equipment Company; issued Check 1030 for $20,8e and bought the rest on credit. The equipment has a five-year life and no salvage value. 31 sold services for $15, 200 in cash and $3,248 on credit on January 31. ADJUSTMENTS 31 Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $9,480 on hand. 31 Compute and record the adjustment for expired insurance for the month. 31 Record the adjustment for one month of expired rent of $4, eee. 31 Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment 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 31 balance sheet shown in Figure 6.4. By 1, 2, 3, . 11 m. Eli's Consulting Services Income Statement Month Ended December 31, 20X1 47 0 0 000 Revenue Fees Income Expenses Salaries Expense Utilities Expense Supplies Expense Rent Expense Depreciation Expense-Equipment Total Expenses Net Income for the Month 800000 65 000 50 000 400000 1 8 3 00 13 3 3 3 00 33 6 6 700 Eli's Consulting Services Statement of Owner's Equity Month Ended December 31, 20X1 100 0 0 0 00 Trayton Ell, Capital, December 1, 20X1 Net Income for December Less Withdrawals for December Increase in Capital Trayton Ell, Capital, December 31, 20X1 33 6 6 7 00 5 000 00 28 6 6 7 00 128 6 6 7 00 Eli's Consulting Services Balance Sheet December 31, 20X1 Assets Cash Accounts Receivable Supplies Prepaid Rent Equipment Less Accumulated Depreciation Total Assets 111 35 000 5 000 00 100 000 400 000 11 0 00 00 1 8 3 00 10 8 1 7 00 132 1 6 7 00 3 50 000 Liabilities and Owner's Equity Liabilities Accounts Payable Owner's Equity Trayton Ell, Capital Total Liabilities and Owner's Equity 128 6 6 7 00 132 1 6 7 00