If yes, recording transactions ifwolves three aneps: 1. Analvis: analyze the transaction to determine if is thould be recended in terms ef increass and involved and the armount. 2. Rules: follow the rules of debits/credns to determine whether the actaurts imolved wal be deband ar crediand. 3. Entry Prepare the journal entry Note: The journal entry is a tool for analyring and describine the impact of events ltrantactiond on the eneiry. For example: Fransaction: On 4/1MV purchased Land for cash in the ambunt of $100000. Use the above method to record the journal emtries for Janes Company foustion 14. Remember: trancaction. - Postine means transfertieg the debit and credit amourits from the journal to the accounds in the ledcer. The ledger is erganized by accounts. Joes inc has a 12/31 fiscal vear end and had the followine balances at 12/31/ (enample 2013) Joses inc, reported the followire for lanuary the followine rear (boumple 2014): 1/1 jones inc, reseived $150,000 cash from jane jones and issued $50,000 par value commos gascr sa lane. t/2. Purchased land for $30,000 with $10,000 paid in cank and $20,000 dat is 60 dars fuse Ameurt due on Land purchase account] 1/3 incurred and paid coffice rent for lanuary of $100 cank. value. lones, Inc; will uie the straight line depeeciation method. 1/14 Blied customers $20,000 of accoumting fees for work done for castomen. (vese fee tevenue actourts) 1/22 Cotlected $15,000 cash from cuatomers for work billed on 1/14 1/30 Paid $9,000 of the payable incurred on 1/2 1/31 Sold a cne vear contract for accounting work to Apple Company for \$12,006 cash wok to commence on 2/1 1/31 Declared a \$4,000 canh dividend, parable on 2/10/14 to holden of record as of 2/5/14 ADIUSTING ENTRits: 1/31 Incurred salaries of $5,000 in lanary, to be paid on 2/4/14 1/31 Recorded depreciation expense for lanuary 22 Required: 1. Journalae in good form the January transactions and the two adjusting entries for lones, inc. Aswome that dones has an operating cycle of 90 dars. 2 Post journal entries to ledger accounts (Show accounts as T. Accounts) 3 Frepare an Adjusted Trial Balance at 1/31. 4. Prepare an income Statement and a Retained Farninss Statemem for lanuary 5 Prepare a Balance Sheet and post doung trial balance for 1/31 6 Prepare and port the clorine entries for 1/31