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DATE TRANSACTIONS Jan. 2 Purchased supplies for $14, bea; issued Check 1915. 2 Purchased a one-year insurance policy for $16,8ee. 7 sold services for $30, eee in cash and $20,088 on credit during the first week of January. 12 Collected a total of $8,808 on account from credit customers during the first week of January. 12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. 13 Collected a total of $9,808 on account from credit customers during the second week of January. 14 Returned supplies that were damaged for a cash refund of $1,5ee. 15 Sold services for $41,400 in cash and $4,608 on credit during the second week of January. 20 Purchased supplies for $10,Bee from White's, Inc.; received Invoice 2384 payable in 30 days. 20 sold services for $25, eee in cash and $7,898 on credit during the third week of January. 20 Collected a total of $11,280 on account from credit customers during the third week of January. 21 Issued Check 1018 for $14, 130 to pay for maintenance work on the office equipment. 22 Issued Check 1019 for $7,200 to pay for special promotional advertising to new businesses in the local newspaper. 23 Received the monthly telephone bill for $2,850 and paid it with Check 1820. 26 Collected a total of $3,200 on account from credit customers during the fourth week of January. 27 Issued Check 1021 for $6,000 to Office Plus as payment on account for Invoice 2223. 28 Sent Check 1022 for $5,350 in payment of the monthly bill for utilities. 29 sold services for $38,eee in cash and $5,508 on credit during the fourth week of January. 31 Issued Checks 1823-1927 for $65,6ee to pay the monthly salaries of the regular employees and three part-time workers. 31 Issued Check 1028 for $24,880 for personal use. 31 Issued Check 1929 for $8,388 to pay for maintenance services for the month. 31 Purchased additional equipment for $30,000 from Contemporary Equipment Company; issued Check 1030 for $20,8e and bought the rest on credit. The equipment has a five-year life and no salvage value. 31 sold services for $15, 200 in cash and $3,248 on credit on January 31. ADJUSTMENTS 31 Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $9,480 on hand. 31 Compute and record the adjustment for expired insurance for the month. 31 Record the adjustment for one month of expired rent of $4, eee. 31 Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February. Required: 1. General Ledger tab: Enter the account balances for January 1, 20X2 from the postclosing trial balance prepared on December 31, 20x1, which appears in Figure 6.3. 2. General Journal tab: Analyze each of the transactions listed for January and record it in the general journal. 3. General Ledger tab: Post the transactions to the general ledger accounts. 4. Worksheet tab: Prepare the Trial Balance section of the worksheet. 5. Worksheet tab: Prepare the Adjustments section of the worksheet using the adjusting transactions. 6. Worksheet tab: Complete the worksheet. 7. Income Statement tab: Prepare an income statement for the month. 8. Stmt of OE tab: Prepare a statement of owner's equity. 9. Balance Sheet tab: Prepare a balance sheet. 10. Adjusting and Closing tab: Record the adjusting entries and the closing entries in the general journal. 11. General Ledger tab: Post the adjusting entries and the closing entries to the general ledger accounts. 12. Post Closing tab: Prepare a postclosing trial balance. Analyze: Answer the questions on the Analyze tab to compare the January 31 balance sheet you prepared with the December 31 balance sheet shown in Figure 6.4. Complete this question by entering your answers in the tabs below. Requirement General Journal Adjusting and Closing General Ledger Worksheet Income Statement Stmt of OE Bal Sheet Postclosing Analyze Prepare the trial balance section of the worksheet. Then prepare the Adjustments section using the adjusting transactions. Now complete the worksheet. ELI'S CONSULTING SERVICES Worksheet Month Ended January 31, 20X2 Adjustments Adjusted Trial Balance Debit Credit Credit Account Name Trial Balance Debit Credit Debit Income Statement Debit Credit Balance Sheet Debit Credit Cash Accounts receivable Supplies Prepaid insurance Prepaid rent Equipment Accumulated depreciation Equipment Accounts payable Trayton Ell, Capital Trayton El, Drawing Income summary Fees income Salaries expense Utilities expense Supplies expense Insurance expense Rent expense Depreciation expense-Equipment Advertising expense Telephone expense Maintenance expense Subtotals 0 $ 0 0 $ OS 0 $ 0 $ 0 S 0 $ 0 $ 0 5 0 Totals S 0 s 0 S 0 General Ledger Income Statement > Eli's Consulting Services Postclosing Trial Balance December 31, 20X1 CREDIT ACCOUNT NAME Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Equipment Accounts Payable Trayton El, Capital Totals DEBIT 111 35 000 500 000 100 000 400 000 11 000 00 1 8 3 00 35 00 00 128 6 6 7 00 132 35 000 132 35 000 Eli's Consulting Services Income Statement Month Ended December 31, 20X1 47 0 0 000 Revenue Fees Income Expenses Salaries Expense Utilities Expense Supplies Expense Rent Expense Depreciation Expense-Equipment Total Expenses Net Income for the Month 800000 65 000 50 000 400000 1 8 3 00 13 3 3 3 00 33 6 6 700 Eli's Consulting Services Statement of Owner's Equity Month Ended December 31, 20X1 100 0 0 0 00 Trayton Ell, Capital, December 1, 20X1 Net Income for December Less Withdrawals for December Increase in Capital Trayton Ell, Capital, December 31, 20X1 33 6 6 7 00 5 000 00 28 6 6 7 00 128 6 6 7 00 Eli's Consulting Services Balance Sheet December 31, 20X1 Assets Cash Accounts Receivable Supplies Prepaid Rent Equipment Less Accumulated Depreciation Total Assets 111 35 000 5 000 00 100 000 400 000 11 0 00 00 1 8 3 00 10 8 1 7 00 132 1 6 7 00 3 50 000 Liabilities and Owner's Equity Liabilities Accounts Payable Owner's Equity Trayton Ell, Capital Total Liabilities and Owner's Equity 128 6 6 7 00 132 1 6 7 00