In the project you will assume the role of the staff accountant for Shipping Inc., and perform Shipping Inc.$$s accounting for the transactions that occurred during January $2024.$ A list of the transactions that Shipping Inc. engaged in during January $2024$ is attached at the end of this assignment. As the staff accountant, you will need to:

$1.$ Prepare journal entries for each of the attached transactions.

$2.$ Post each of the journal entries to related T$-$accounts.

$3.$ Prepare a trial balance at the end of the month.

$4.$ Prepare any necessary adjusting entries.

$5.$ Prepare an adjusted trial balance.

$6.$ Prepare Shipping Inc.$$s Income Statement for the month ended January $31,2024.$

$7.$ Prepare Shipping Inc.$$s January $31$ closing entries.

$8.$ Prepare Shipping Inc.$$s January $31$ post$-$closing trial balance.

$9.$ Prepare Shipping Inc.$$s Statement of Retained Earnings for the month ended January $31,2024,$ and their Balance Sheet as of January $31,2024.$

Shipping Inc.$$s transactions during January $2024$:

$1.$ Jan. $1$ Purchased inventory costing $$82,000$ on credit.

$2.$ Jan. $1-$ Purchased a delivery van for $$52,500$ in cash. Monthly depreciation for the van is $$625.$

$3.$ Jan. $1$ Paid $$4,320$ for a one$-$year insurance policy covering the period January $1,2024$ through December $31,2024.$

$4.$ Jan. $5$ Purchased $$4,500$ of supplies using cash.

$5.$ Jan. $11$ Paid $$138,000$ to its suppliers for inventory purchased on credit in December $2023.$

$6.$ Jan. $15$ Issued $5,000$ shares of no$-$par common stock for $$20$ per share.

$7.$ Jan. $18$ Performed repairs and maintenance on their equipment costing $$1,500($paid in cash$).$

$8.$ Jan. $20-$ Declared and paid $$8,200$ in dividends to its shareholders. Shipping Inc. elected to debit Retained Earnings for the dividend.

$9.$ Jan. $25$ Delivered goods for which a customer had prepaid $$4,000($the full sales price$)$ in December of $2023.($hint: see the Deferred Revenue account in the January $1,2024$ trial balance$).$

$10.$ Jan. $31-$ Paid its employees $$73,500$ for work performed from December $25$ January $26.$ $$14,700$ was for work performed in December $2023,$ and $58,800$ was for work performed from January $1$ January $26,2024.$

$11.$ During January Shipping Inc. collected $$214,300$ in accounts receivable. $($Make a summary entry for the entire month$).$

$12.$ During January Shipping Inc. made credit sales for $$185,000.$ The cost of the goods sold was $$83,300($Make summary entries for the entire month$).$

Other information:

$1.$ At the end of January $2024,$ Shipping Inc. had $$6,400$ of supplies on hand.

$2.$ Monthly depreciation for the Furniture & Fixtures is $$550,$ and monthly depreciation for the equipment is $$400.$

$3.$ The note payable for $$100,000$ is an $8-$year note that matures on December $31,2029.$ The interest on the note is $6\%$ and is payable annually on each December $31$st$.$ Shipping Inc. made their regularly scheduled interest payment of $$6,000$ on December $31,2023.$

$4.$ During the period January $27$ January $31$ employees earned an additional $$9,400$ which will be included in their February paycheck.

$5.$ At the end of January $2024,$ Shipping Inc. had $11$ months of prepaid insurance remaining.