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NOVA Services was incorporated in the state of VA. The company will provide management consulting services to business 1-Jan and governmental clients. 2-Jan Jerome M. contributed $125,500 of personal funds to the business in exchange for shares of common stock NOVA Services signed a contract to provide consulting services for $60,000 to ABC client. Work is expected to take 3 months 3-Jan to complete. No work was completed in January NOVA Services received $45,200 from A Corporation for work to be performed - half will be completed by the end of January 4-Jan and half will be completed by the end of February. 5. 5-Jan NOVA Services bought $2,200 of office supplies on account 6. 6-Jan NOVA Services bought $75,000 of office equipment on account NOVA Services hired 2 consultants that will provide advisory services to TP and will bill at the rate of $650/HR - invoices will 7.Jan be provided the last day of each month services are provided 8-Jan NOVA Services purchased a 12 month insurance contract for $24,120 9-Jan NOVA Services paid $3,500 cash for rental of office space for January 10-Jan NOVA Services paid $4,500 on account for advertising during January. NOVA Services signed a contract with Fed Corp to do business over the year. Nighthawk performed services to Fed Corp in January for $42,300, half was paid in cash and the rest settled on account. Fed Corp will continue the contract at the rate of 11-Jan $4000/ month through June with invoicing at the end of the month. 12 12-Jan NOVA Services purchased $2,900 of supplies using cash NOVA Services signed a contract to provide consulting services for $456,000 to MD client. Services to be provided equally 13-Jan over the next 12 months starting in February. Client will be billed at end of each month. 14. 14-Jan NOVA Services pays employees $8,750 in salaries NOVA Services borrowed $650,000 on a 3% note payable from TrustME Bank. Interest is paid by the 15 th of the month 15-Jan following the accrual. 16-Jan NOVA Services purchased Land for $120,000 cash with plans to build an office building within the next year. 17-Jan NOVA Services paid $1,700 on account for repairs and maintenace to equipment and the office building 18-Jan NOVA Services loans $105,000 to G Corp on a 5% (interest) note receivable 19-Jan NOVA Services pays employees $9,500 in salaries 20-Jan NOVA Services performed services for $59,100 on account during January to Grabit Corp. 21-Jan NOVA Services purchases $7,500 in stock investments 22-Jan NOVA Services gets a $1,275 bill for utilities used in January 23-Jan NOVA Services pays $1,500 towards office rent for month of February 24-Jan NOVA Services pays $500 in dividends to shareholders NOVA Services pays $4,700 cash to attend an event to promote business at a convention in January. Determined to be a 25-Jan marketing expense. 26-Jan NOVA Services pays $5,300 cash for taxes 27-Jan NOVA Services pays employees $9,000 in salaries 28-Jan NOVA Services paid for $600 office supplies previously purchased on account 29-Jan NOVA Services has to prepare financial statements for the owner and the bank from which the funds were borrowed. January Month End Adjustments 31-Jan NOVA Services calculated $1,500 in depreciation for January usage of equipment. 31-Jan NOVA Services must recognize the accrued interest on the loan for the month of January 31-Jan NOVA Services counted $500 in remaining supplies (on hand supplies) 31-Jan NOVA Services owes employees $8,000 in salaries for work performed in January - not recorded at the end of January Are there any other accounts that need adjusting