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 2021. A list of the transactions that Shipping Inc. engaged in during January 2021 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, 2021. 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, 2021, and their Balance Sheet as of January 31, 2021. 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 2021. 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 2021 (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). The fourth tab of the spreadsheet is the trial balance for January 31, 2021. 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 2021. The sixth tab of the spreadsheet is the adjusted trial balance for January 31, 2021. You will need Shipping Inc.'s transactions during January 2021: 1. Jan. 1 - Issued 7,500 shares of no-par common stock for $14 per share. 2. Jan. 1 - Purchased a deliver van (used) for $16,000 in cash. Monthly depreciation for the van is $250. 3. Jan. 1 - Paid $3,840 for a one-year insurance policy covering the period January 1, 2021 - December 31, 2021. 4. Jan. 7 - Performed repairs and maintenance on their computer equipment costing $2,000. 5. Jan. 12 - Purchased inventory on credit for $92,000. 6. Jan. 15 - Declared and paid $4,000 in dividends to its shareholders. 7. Jan. 22 - Paid $65,000 to its suppliers for inventory purchased on credit in December 2020. 8. Jan. 25 - Provided services for which a customer had paid $3,000 in December of 2020 (hint: see the deferred revenue account in the January 1, 2021 trial balance). 9. Jan. 31 - Paid its employees $45,000 for work performed from December 26 - January 25. $6,800 was for work performed in December 2020, and 38,200 was for work performed from January 1 - January 25, 2021. 10. During January Shipping Inc. collected $118,300 in accounts receivable. (Make a summary entry for the entire month). 25. $6,800 was for work performed in December 2020, and 38,200 was for work performed from January 1 - January 25, 2021. 10. During January Shipping Inc. collected $118,300 in accounts receivable. (Make a summary entry for the entire month). 11. During January Shipping Inc. made credit sales for $210,000. The cost of the goods sold was $125,000. (Make summary entries for the entire month). Other information: 1. Monthly depreciation for the Furniture & Fixtures is $500, and monthly depreciation for the computer equipment is $350. 2. The note payable for $60,000 is a 5-year note that matures on December 31, 2023. The interest on the note is 8% and is payable annually on each December 31st Shipping Inc. made their regularly scheduled interest payment of $4,800 on December 31, 2020. 3. During the period January 26 - January 31 employees earned an additional $5,900 which will be included in their February paycheck. insert Format Tools Data window Help AutoSave OFF 121 Shipping Inc Accounting Cyc Home Insert Draw Page Layout Formulas Data Review View A X Times New Roman V 12 A Custom y Paste B V y a v $ % Some - B15 x fx 0 B c D A 1 Trial Balance Summary 2 As of January 1, 2021 3 4 5 Description 6 Cash 7 Accounts Receivable 8 Inventory 9 Furniture & Fixtures 10 Computer Equipment 11 Accum. Dep. - F&F 12 Accum. Dep. - Comp. Eqp 13 Accounts Payable 14 Salaries Payable 15 Notes Payable 16 Deferred Revenue 17 Common Stock 18 Retained Earnings 19 Total 20 21 22 23 24 25 26 27 28 29 30 Beginning Trial Balance Debit 107,800.00 114,300.00 89,500.00 26,000.00 16,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 353,600.00 Credit 0.00 0.00 0.00 0.00 0.00 1,200.00 6,000.00 78,400.00 6,800.00 60,000.00 5,000.00 60,000.00 136,200.00 353,600.00 Journal Entries T Accounts Ending Trial Balance Adjusting AutoSave OFF osu Shipping Home Insert Draw Page Layout Formulas Data Review View X Calibri (Body) 11 ~ A A General Paste BIU V a. Av $ % A1 x fx Shipping Inc. A B D G H Shipping Inc. Income Statement For the Month Ended January 31, 2021 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Beginning Trial Balance Journal Entries T Accounts Ending Trial Balance Read File Edit View Insert Format Tools Data Window Help OFF SU= AutoSave Shipping Inc Accounting Home Insert Draw Page Layout Formulas Data Review View X Calibri (Body) 11 ' II lili General V Paste BIU a. Av $ % ) A2 fx B D E F G H 1 Closing Entries 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Beginning Trial Balance Journal Entries T Accounts Ending Trial Balance Adjusting E Ready Shipping Inc Accou AutoSave OFF Su- Insert Draw Page Layout Formulas Home Data Review View Times New Roman 12 ' Custom v Paste BIU v V $ % ) B6 fx 1 Post-Closing Trial Balance Summary 2 As of January 31, 2021 3 Debit Credit 4 5 Description 6 Cash 7 Accounts Receivable 8 Inventory 9 Prepaid Insurance 10 Furniture & Fixtures 11 Computer Equipment 12 Van 13 Accur. Dep. - F&F 14 Accum. Dep. - Comp. Eqp 15 Accum. Dep. - Van 16 Accounts Payable 17 Salaries Payable 18 Interest Payable 19 Deferred Revenue 20 Notes Payable 21 Common Stock 22 Retained Earnings 23 Total 24 25 26 27 28 29 30 > Journal Entries T Accounts Ending Trial Balance Adjusting Entries Adjusted 1 Ready 15 -A