Instructions:The project is a group activity and contributes to developing critical thinking, problem$-$solving, technological and soft skills. Students will work in groups to produce a business case for a service$-$based company with relevant background information and a period$-$end trial balance. Further, students will prepare adjusting entries, adjusted trial balance, and financial statements for the period$-$end using EXCEL$\mathrm{.}1.$ A$.$ Company description Assume a service company of your own Give a suitable name to your company, Describe the nature of service it provides Date$/$year of starting the business Location Owners names Capital investment in the business$$B$.$ Prepare an Unadjusted Trial Balance of xxx Company for the month or year usingproper format in EXCEL.$$ Show the screenshot of the excel solution hereSample:$2.$ Transactions for making adjustments with adjustment entries for the month$/$year$-$end$$Answer hereNote:$-$ Mention required transactions for adjusting entries$-$ transactions that have occurred but not recorded. Therefore, your company needs to record adjusting entries for these transactions.$*$Listed below are the number of Adjusting entries that has to be taken into account before preparing the Financial Statements:$$a$.$ Service provided on credit to a customer on creditb. Supplies at hand and used at the end of yearc. Atleast $2$ Prepaid expenses expiredd. Depreciation expense on equipment using straight line methode. Atleast $2$ Accrued expense $($expense payablef. Portion of Unearned service revenue expired $($revenue earned$)$Note$-$ Total $8$ transactions$-$ Record Adjustment entriesUsing proper templates for all the schedules, prepare record the adjusting entries for the transactions selected in the previous section.$3.$ Adjusted Trial BalancePrepare an adjusted trial balance to reflect the above adjustments in EXCEL$$Show the screenshot of the excel solution here$4.$ Financial statements on EXCELPrepare the following financial statements for your Company at the end of the month or year:a$.$ Income statementb. Statement of changes in equityc. Classified balance sheet$$Show the screenshot of the excel solution here$$Conclusion$-$ Financial performance of the companyComment on the following after analyzing the results in the previous section$-$ Is the company profitable? What is the reason the company is profitable$/$not profitable.$-$ Has the owner equity increased compared to the starting capital invested? Give reason for your answer.$$Additional Notes:Scaffolding steps for students for studentsStep $1$: INTRODUCTION: Name of company$/$Owners names Location of the company DESCRIPTION of the business$/$service$-$ hospitality, hospital, travel agency, gym etc. Starting date of the business Capital invested by the owner$-$ cash$/$equipments$/$PC$$Step $2$: Prepare a Trial balance $($Unadjusted trial balances$)-$ must include all $5$ types of Accounts$$ Can have $1$ revenue account Atleast $3-4$ expenses $($no need to include depreciation$)2$ fixed assets, $3$ current assets Atleast $1$ long term liability, $2$ current liabilities Owner capital and drawings$$Step $3$: Mention the transactions for adjustment entries as given in the project requirementStep $4$: Record the adjusting entriesStep $5$: Prepare Adjusted Trial balance $($using the Unadjusted Trial balance and adjusted entries$)$Step $6$: Prepare the $3$ financial statements $($using Adjusted Trial balance$)$Transactions for making adjustments with adjustment entries for the month$/$year$-$end$1.$ Performed a service on account to a customer on the $31$st of December $2023$ for AED$7,000\mathrm{.}2.$ On $31$st December $2023,$ a physical count showed that only AED$3,350$ worth of the supplies on hand in the store. Make an adjusting entry for supplies used$\mathrm{.}3.$ Prepaid rent is for $12$ months from $1$st May $2023$ to cover the period up to $30$th April $2024.$Make an adjusting entry for rent expense$\mathrm{.}4.$ Prepaid Insurance is for $12$ months from $1$st October $2023$ to cover the period up to $30$th September $2024.$Make an adjusting entry for insurance expense$\mathrm{.}5.$ The equipment was bought on $1$st April $2023.$ It is estimated that it will have $6$ years of useful life in the business after which it will be sold off for AED $3,000.$ The business uses the straight line method of depreciation. Make an adjusting entry for depreciation$\mathrm{.}6.$ As at $31$stDecember, $2023,$ the salary AED$1,500$ for one employee for the month of December $2023$ was not showing in the payroll and was not paid. Make an adjusting entry for salaries owing$/$payable$\mathrm{.}7.$ Utilities Expense accrued for the month of December amounted to AED$1,600$ on the $31$st of December $2023.$ Make an adjusting entry for utilities owing$/$payable$\mathrm{.}8.$ On $1$st November $2023,$ a customer paid our business AED$4,500$ for services to be provided evenly over the next three months. This AED$4,500$ is still showing as unearned service revenues as of $31$st December $2023.$ Make an adjusting entry for revenue earned.$$Name of your business?Unadjusted Trial Balance$31$st December $2023$Name of AccountDebitCreditCash$25,000$Accounts Receivable$11,300$Prepaid Rent$18,000$Prepaid Insurance$4,800$Supplies$10,000$Equipment$14,200$Motor Vehicle$40,000$Accounts Payable$5,800$Unearned Service Revenue$3,000$Bank Loan$61,000$Owners Capital$60,000$Owners Withdrawals$5,000$Service Revenue$30,500$Salary Expense$18,300$Utilities Expense$11,400$Stationery Expense$2,300160,300160,300$