GROUP PROJECT PHASE 1 Carl Davis hired your team to keep the business records of Davis Consulting. The transactions are kept using the accrual method of accounting. Davis Consulting completed the following transactions during December 20X1: Dec. 2 Owner contributed $20,000 cash in exchange for capital. 2 Paid monthly office rent, $500. 3 Paid cash for a computer, $2,700.This equipment is expected to remain in service for five years. 4 Purchased office furniture on account, $3,900. The furniture should last for five years. 5 Purchased office supplies on account, $400. 9 Performed consulting service for a client on account, $1,500. 12 Paid utilities expenses, $200. 18 Performed service for a client and received cash of $1,000. 21 Received $1,800 in advance for client service to be performed in the future. 21 Hired an administrative assistant to be paid $ 2,100 on the 20th day of each month. The secretary begins work immediately. 26 Paid $400 on account. 28 Collected $300 on account. 30 Davis withdrew cash of $1,500. At December 31, 20X1, the business gathers the following information for the adjusting entries: a) Accrued service revenue, $600. b) Earned $600 of the service revenue collected in advance on December 21. c) Office supplies on hand totals $200. d) Depreciation on computer, $45; Depreciation on furniture, $65. e) Accrued $872.31 expense for administrative assistant's salary. Requirements 1. Journalize the transactions (explanations and references are required) but not the adjusting entries yet (you will prepare adjusting entries in #6). Remember, references in journals are the account numbers where you are posting that part of the transaction. 2. Open a 4-column-ledger page for every account listed in the chart of accounts even if you do not use the ledger this month. Use one (1) page (front & back) for every account in the chart of accounts. 3. Post the journal entries to the ledgers showing dates, account numbers, references, and account balances. Remember, references in ledgers are journal page number where you the transaction, i.e. G1 or G5. Use the front and back of every journal page. Each side is a different page number. 4. Using a worksheet format, enter the account balances in the first two columns (unadjusted trial balance columns) as of December 31, 20X1. 5. Record the adjusting entries on the worksheet and complete the rest of the columns in the worksheet. 6. Journalize and post the adjusting entries as recorded on the worksheet. 7. Prepare the financial statements for Davis Consulting for the month ended December 31, 20X1. These include: Classified Balance Sheet (Assume Notes Payable is Long-term) Statement of Owners Equity Statement of Income 8. Journalize and post-closing entries. 9. Prepare a post-closing trial balance. Make sure these figures agree with your balances in your ledgers. I really would appreciate the help starting step four.