INSTRUCTIONS Complete each of the following parts of the compre tersive problem to its entirety. You may work with a group if you wish, but each stulent must tum in theirown work Maximum romber of points for this problem is 50. Late submissions of work will be acceptedbut will be docked points for lateness at instructor's discretion. Part A: Journalize the following transactions for January for Psych, Inc. Shawn and Gus opened Psych, Inc., a pyschic detective agercyon January1, 2021. They are the only owners of the corporation. During January, Psych, Inc. completed the following transactions. 1-Jan Cashed a check for $35,000 for a business loan from Shawn's dad. His dad will charge Psych, Inc.6% APR, and the loan will be due in 2 years. The first payment will be due on February 1, 2021. 1-Jan Shawninvested $1,000 inexchange for common stock in Pysch, Inc. 1-Jan Gus invested $10,000 inexcharge for common stockinPysch, Inc. 1-Jan Prepaid $12,000 for 1 year of rent for office space. 1-Jan Bought an office computer for $1,500 cash. 1-Jan Hired a secretary who will be paid $800 a month. She will begin working on 1/4/2021. 3-Jan Bought office supplies for $750 on account. 4-Jan Performed services and billed the Santa Barbara Police Department for services performed for $2,000. 11-Jan Received payment in full for services billed to the Santa Barbara Police Department on Jan 4. 14 Jan Performed services and billed a private client Swanson, for $1,000. 15-Jan Ircurred $1,000 for 2 weeks of wages expense for the secretary. These wages will be paid on Jan 20. 17-Jan Paid for the office supplies purchased on Jan 3. 21-Jan Paid wages incurredon Jan 15. 25-Jan Performed services and billed the Santa Barbara Police Department for $3,000. 29-Jan Received payment in full from private client Swarson billed on Jan 14. 30-Jan Paid phone bill with $75 cash 30-Jan Paid utilities with $68 cash 30-Jan Inc urred 1 month of interest on the loan from Shawn's dad totalling $175. Part B: Post the above transactions to the appropriate general ledger accounts and find balances. Part C: Prepare a trialbalance as of January 31, 2021. Part D: Journalize and post to general ledger accounts the following adjustments for January 1) One month of rert has expired. 2) Services for a private client O'Hara, had been performed on Jan 31 but were not recorded orbilled totaling $1,345. 3) $80 of supplies have been used in January 4) 2 weeks of the secretary's wages, $1,000, have beenir umed but not paid for the second half of January. 5) Depreciation expense on the computer was $25 for January 6) A $300 dividend was declared on January 29, but has not been paid. Part E: Prepare an adjusted trialbalance as of January 31, 2021. Part F: Prepare an income statement, statement of retained earnings, and classified balance sheet for Pysch, Inc. as of January 31, 2021 Part G: Journalize and post cbsing entries for Pysch as of January 31, 202L Part H: Prepare a postc bosing trialbalance as of January 31, 2021. INSTRUCTIONS Complete each of the following parts of the compre tersive problem to its entirety. You may work with a group if you wish, but each stulent must tum in theirown work Maximum romber of points for this problem is 50. Late submissions of work will be acceptedbut will be docked points for lateness at instructor's discretion. Part A: Journalize the following transactions for January for Psych, Inc. Shawn and Gus opened Psych, Inc., a pyschic detective agercyon January1, 2021. They are the only owners of the corporation. During January, Psych, Inc. completed the following transactions. 1-Jan Cashed a check for $35,000 for a business loan from Shawn's dad. His dad will charge Psych, Inc.6% APR, and the loan will be due in 2 years. The first payment will be due on February 1, 2021. 1-Jan Shawninvested $1,000 inexchange for common stock in Pysch, Inc. 1-Jan Gus invested $10,000 inexcharge for common stockinPysch, Inc. 1-Jan Prepaid $12,000 for 1 year of rent for office space. 1-Jan Bought an office computer for $1,500 cash. 1-Jan Hired a secretary who will be paid $800 a month. She will begin working on 1/4/2021. 3-Jan Bought office supplies for $750 on account. 4-Jan Performed services and billed the Santa Barbara Police Department for services performed for $2,000. 11-Jan Received payment in full for services billed to the Santa Barbara Police Department on Jan 4. 14 Jan Performed services and billed a private client Swanson, for $1,000. 15-Jan Ircurred $1,000 for 2 weeks of wages expense for the secretary. These wages will be paid on Jan 20. 17-Jan Paid for the office supplies purchased on Jan 3. 21-Jan Paid wages incurredon Jan 15. 25-Jan Performed services and billed the Santa Barbara Police Department for $3,000. 29-Jan Received payment in full from private client Swarson billed on Jan 14. 30-Jan Paid phone bill with $75 cash 30-Jan Paid utilities with $68 cash 30-Jan Inc urred 1 month of interest on the loan from Shawn's dad totalling $175. Part B: Post the above transactions to the appropriate general ledger accounts and find balances. Part C: Prepare a trialbalance as of January 31, 2021. Part D: Journalize and post to general ledger accounts the following adjustments for January 1) One month of rert has expired. 2) Services for a private client O'Hara, had been performed on Jan 31 but were not recorded orbilled totaling $1,345. 3) $80 of supplies have been used in January 4) 2 weeks of the secretary's wages, $1,000, have beenir umed but not paid for the second half of January. 5) Depreciation expense on the computer was $25 for January 6) A $300 dividend was declared on January 29, but has not been paid. Part E: Prepare an adjusted trialbalance as of January 31, 2021. Part F: Prepare an income statement, statement of retained earnings, and classified balance sheet for Pysch, Inc. as of January 31, 2021 Part G: Journalize and post cbsing entries for Pysch as of January 31, 202L Part H: Prepare a postc bosing trialbalance as of January 31, 2021