Eli's Consulting Services Postclosing Trial Balance December $31,20$X$1$ CREDIT ACCOUNT NAME Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation$-$Equipment Accounts Payable Trayton Eli, Capital Totals DEBIT $11135000500000100000400000110000018300350000128667001323500013235000$ Eli's Consulting Services Statement of Owner's Equity Month Ended December $31,20$X$110000000$ Trayton Ell, Capital, December $1,20$X$1$ Net Income for December Less Withdrawals for December Increase in Capital Trayton Eli, Capital, December $31,20$X$13366700500000286670012866700$ Eli's Consulting Services Balance Sheet December $31,20$X$1$ Assets Cash Accounts Receivable Supplies Prepaid Rent Equipment Less Accumulated Depreciation Total Assets $11135000500000100000400000110000018300108170013216700350000$ Liabilities and Owner's Equity Liabilities Accounts Payable Owner's Equity Trayton Eli, Capital Total Liabilities and Owner's Equity $1286670013216700$ Eli's Consulting Services Income Statement Month Ended December $31,20$X$14700000$ Revenue Fees Income Expenses Salaries Expense Utilities Expense Supplies Expense Rent Expense Depreciation Expense$-$Equipment Total Expenses Net Income for the Month $80000065000500004000001830013333003366700$ 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 Eli's Consulting Services. During January, the business will use the same types of records and procedures that you learned about in Chapters $1$ through $6.$ The chart of accounts for Eli's 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 DATE TRANSACTIONS Jan. $2$ Purchased supplies for

$16,800.7$ Sold services for

$20,000$ on credit during the first week of January. $12$ Collected a total of

$7,200$ to pay for special promotional advertising to new businesses on the local radio station during the month. $13$ Collected a total of

$1,500.15$ Sold services for

$4,600$ on credit during the second week of January. $20$ Purchased supplies for

$25,000$ in cash and

$11,200$ on account from credit customers during the third week of January. $21$ Issued Check $1018$ for

$7,200$ to pay for special promotional advertising to new businesses in the local newspaper. $23$ Received the monthly telephone bill for

$3,200$ on account from credit customers during the fourth week of January. $27$ Issued Check $1021$ for

$5,350$ in payment of the monthly bill for utilities. $29$ Sold services for

$5,500$ on credit during the fourth week of January. $31$ Issued Checks $1023-1027$ for

$24,000$ for personal use. $31$ Issued Check $1029$ for

$30,000$ from Contemporary Equipment Company; issued Check $1030$ for

$15,200$ in cash and

$9,400$ 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

$183$ 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 $1,20$X$2$ from the postclosing trial balance prepared on December $31,20$X$1,$ which appears in Figure $6\mathrm{.}3.2.$ 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 $6\mathrm{.}4.$ Complete this question by entering your answers in the tabs below. Requirement General Journal Adjusting and Closing General Ledger Worksheet Income Statement Stmt of OE Bal Sheet Postclosing Analyze $1.$ General Ledger tab: Enter the account balances for January $1,20$x$2$ from the postclosing trial balance prepared on December $31,20$x$1,$ which appears in Figure $6\mathrm{.}3.2.$ 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. Show less Requirement General Journal Adjusting and Closing General Ledger Worksheet Income Statement Stmt of OE Bal Sheet Postclosing Analyze Analyze each of the transactions listed for January and record it in the general journal. View transaction list View journal entry worksheet General Journal Debit Credit No $1$ Date Jan. $02,20$X$2$ Supplies Cash $14,00014,000216,800$ Jan. $02,20$X$2$ Prepaid insurance Cash $16,8003$ Jan. $07,20$X$2$ Cash Accounts receivable Fees income $30,00020,00050,0004$ Jan. $12,20$X$2$ Cash $8,000$ Accounts receivable $8,00057,200$ Jan. $12,20$x$2$ Advertising expense Cash $7,20069,000$ Jan. $13,20$x$2$ Cash Accounts receivable $9,0007$ Jan $14,20$X$2$ Cash $1,500$ Supplies $1,5008$ Jan $15,20$X$2$ Cash $41,4004,600$ Accounts receivable Fees income $46,0008$ Jan. $15,20$X$2$ Cash Accounts receivable Fees income $41,4004,60046,000910,000$ Jan. $20,20$X$2$ Supplies Accounts payable $10,00010$ Jan $20,20$X$2$ Cash Accounts receivable Fees income $25,0007,00032,00011$ Jan. $20,20$X$211,200$ Cash Accounts receivable $11,2001214,130$ Jan. $21,20$x$2$ Maintenance expense Cash $14,130137,200$ Jan $22,20$x$2$ Advertising expense Cash $7,200142,050$ Jan. $23,20$X$2$ Telephone expense Cash $2,050153,200$ Jan. $26,20$x$2$ Cash Accounts receivable $3,200166,000$ Jan. $27,20$X$2$ Accounts payable Cash $6,00017$ Jan. $28,20$X$2$ Utilities expense $5,350$ Cash $5,35018$ Jan. $29,20$X$2$ Cash $38,0005,500$ Accounts receivable Fees income $43,50019$ Jan. $31,20$x$2$ Salaries expense $65,600$ Cash $65,6002024,000$ Jan. $31,20$X$2$ Trayton Eli, Drawing Cash $24,00021$ Jan. $31,20$X$2$ Maintenance expense $8,300$ Cash $8,30022$ Jan. $31,20$x$2$ Equipment $30,000$ Cash $20,00010,000$ Accounts payable $23$ Jan. $31,20$X$2$ Cash Accounts receivable Fees income $15,2003,24018,440$ Prepare the trial balance section of the worksheet. Then prepare the Adjustments section using the adjusting transactions. Now complete the worksheet. Account Name Income Statement Debit Credit Balance Sheet Debit Credit