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 thisassignment. 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 $31,2024.$

You should complete this project using the Excel spreadsheet $$Shipping Inc. Accounting Cycle

Spreadsheet.xls$$ posted to Canvas. The first tab of the spreadsheet provides Shipping Inc.$$s trial

balance as of the beginning of January $2024.$ The remaining tabs of the spreadsheet correspond

to each of the $9$ tasks above.

In the $$Journal Entries$$ tab you should prepare the appropriate journal entry for each of the

transactions that Shipping Inc. engaged in during January $2024($the journal entry for the first

transaction has been completed as an example$).$

On the third tab, $$T Accounts,$$ you will post each of the entries to the related accounts $($again

the appropriate T$-$accounts have been adjusted for the first transaction$).$ Please do not post your

adjusting or closing entries for the purpose of our project.

The fourth tab of the spreadsheet is the trial balance for January $31,2024.$ You will need to

transfer the amounts from the T$-$accounts to the new trial balance.

On the fifth tab of the worksheet, you will need to create any appropriate adjusting entries for

Shipping Inc. for January $2024.$

The sixth tab of the spreadsheet is the adjusted trial balance for January $31,2024.$ You will need

to incorporate the adjusting entries into the ending trial balances $($from the fourth tab$)$ to create

the adjusted trial balance.

In the seventh tab of the spreadsheet you should prepare Shipping Inc.$$s Income Statement for

the month ended January $31,2024.$

In the eighth tab of the spreadsheet you will need to prepare Shipping Inc.$$s closing entry as of

the end of January $2024.$ This should roll retained earnings forward.

In the ninth tab of the spreadsheet you need create the post$-$closing trial balance by updating the

adjusted trial balance to incorporate the closing entry you prepared in the eighth tab.

Finally, in the tenth and eleventh tabs you should prepare Shipping Inc.$$s Statement of Retained

Earnings for the month ended January $31,2024,$ and Balance Sheet as of January $31,2024.$

In the worksheet, you can only enter numbers in the tabs titled: $$Journal Entries$,$

$$Adjusting Entries$,$ and $$Closing Entries$.$ For the remaining tabs$,$ you should use

formulas available in Excel for all calculations.

The project is due at $11$:$00$ PM on Thursday, February $15$th$.$ You should submit the project by

sending your completed spreadsheet to me via email. You should only email one copy of the

excel file to me with everyone's name included if you're working in group.In the seventh tab of the spreadsheet you should prepare Shipping Inc.$$s Income Statement for

the month ended January $31,2024.$

In the eighth tab of the spreadsheet you will need to prepare Shipping Inc.$$s closing entry as of

the end of January $2024.$ This should roll retained earnings forward.

In the ninth tab of the spreadsheet you need create the post$-$closing trial balance by updating the

adjusted trial balance to incorporate the closing entry you prepared in the eighth tab.

Finally, in the tenth and eleventh tabs you should prepare Shipping Inc.$$s Statement of Retained

Earnings for the month ended January $31,2024,$ and Balance Sheet as of January $31,2024.$

In the worksheet, you can only enter numbers in the tabs titled: $$Journal Entries$,$

$$Adjusting Entries$,$ and $$Closing Entries$.$ For the remaining tabs$,$ you should use

formulas available in Excel for all calculations.

The project is due at $11$:$00$ PM on Thursday, February $15$th$.$ You should submit the project by

sending your completed spreadsheet to me via email. You should only email one copy of the

excel file to me with everyone's name included if you're working in group.

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 purch