Financial Accounting 1 Project On April 1, 2021, Nelly Drout created a new self-storage company called Nelly Storage Company. The following events occurred during the company's first month: April 1 Nelly invested $100,000 cash, land and buildings worth $275,000 and $225,000 respectively. 2 Rented equipment by paying $4,800 for the first month. 5 Purchased $5,200 of office supplies for cash. 10 Paid $10,800 for the premium on a one-year insurance policy effective today. 14 Paid an employee $2,000 for two weeks' salary. 24 Collected $22,500 of storage revenue from customers 27 Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 2022 28 Paid an employee $2,000 for two weeks' salary. 29 Paid the month's $600 phone bill 30 Repaired a leak in the roof of the building for $2,000 on account 31 Nelly withdrew $3,500 cash from the company for personal use. The following is the company's chart of accounts: 101 Cash 301 Nelly Drout, Capital 106 Accounts Receivable 302 Nelly Drout, Drawings 124 Office Supplies 401 Storage Revenue 128 Prepaid Insurance 606 Depreciation Expense, Buildings 170 Land 622 Salaries Expense 173 Buildings 637 Insurance Expense 174 Accumulated Depreciation, Buildings 640 Equipment Rental Expense 201 Accounts Payable 650 Office Supplies Expense 205 Unearned Revenue 684 Repairs Expense 209 Salaries Payable 688 Telephone Expense 901 Income Summary Financial Accounting 1 Project Required: 1. Set up T accounts for the chart of accounts. 2. Prepare journal entries in proper format to record the transactions for April and post them to the T accounts. 3. Prepare an unadjusted trial balance. Additional information: - A count of the office supplies has determined there is $2,700 worth of supplies on hand on April 30. - Depreciation on the building is estimated at $12,000 per year. - The employee has earned $600 of unpaid and unrecorded salary. - The company has earned $1,500 of storage revenue that has not yet been billed. 4. Prepare any adjusting journal entries required for month end in proper format and post them to the T accounts. 5. Prepare an adjusted trial balance. 6. Complete an income statement, a statement of changes in equity and a classified balance sheet. 7. Prepare closing journal entries in proper format and post them to the T accounts. 8. Prepare a post-closing trial balance. 9. Explain why you have to do the income statement first, then the statement of changes in equity and then the balance sheet. 10. Explain why closing journal entries are needed. Round all numbers to the nearest dollar