Need help on solving this. Not sure if this needs to be setup from scratch or not. Not sure what I need to do on the spreadsheet either.

Section 3: Analyze and Prepare Journal Entries Below you will find the manual accounting cycle process which you must complete in this assignment. Following the manual accounting cycle process, you will find the GBI Post-Close Trial Balance from the old accounting system as of December 31st which must be posted as a journal entry as of January 1st into your manual accounting system (Excel Answer Sheet). Then you are provided descriptions of routine events occurring during January for which you are to make general journal entries in the manual accounting system (Excel Answer Sheet). Your manual accounting system needs to include a general journal, t-accounts, and a trial balance, all of which will be generated in the Excel Answer Sheet. Be sure to include your beginning and ending balances in your t-accounts. Manual Accounting Cycle Process 1. Record the 12/31 Post-close Trial Balance as the 1/1 Beginning Trial Balance as a single journal entry using the new CoA on the General Journal tab in the Excel Answer Sheet. Note: This entry has been posted as a journal entry on the General Journal tab in the Excel Answer Sheet. Also, the journal entry has been posted into the t-accounts on the T-Accounts tab. You can use this entry as an example for the remaining steps of this assignment. 2. Record the daily transactions if appropriate, (some events may not involve journal entries), as general journal entries using the new CoA on the General Journal tab in the Excel Answer Sheet. 3. Post your journal entries into t-accounts (T-Accounts tab) and then calculate account balances. The Excel Answer Sheet includes calculations using cell formulas. Ensure you are placing your postings in the correct rows/columns in the Excel Answer Sheet. Also, the taccount balances are linked to the trial balance on the Trial Balance tab. 4. Balance your Trial Balance as you post each journal entry into the t-accounts. If your Trial Balance does not balance after a posting, find your error before moving to the next posting. 5. Record the adjusting entries into the general journal and then post them into the t-accounts and trial balance. Hint: Ensure your Trial Balance is balanced before recording your adjusting entries. 6. Record closing entries in your trial balance as if this were a year-end close. (Do not enter the closing entries in your t-accounts.) Trial Balance as of December 31 Events During January (some events may not require a journal entry) Adjusting Journal Entry information as of January 31: \begin{tabular}{|l|l|} \hline & \\ \hline 5 & GBIusedtheInternettoreviewthemonthlychargesforutilitiesthebusinessconsumedduringJanuary.Basedontheinternetreport,theamounttobebilledbytheutilitiescompanyforJanuaryusageis$1,046. \\ \hline 6 & Liabilityinsuranceforthesix-monthperiodendingonFebruary28intheamountof$15,000waspaidlastAugustonthefirstofthemonth.Liabilityinsuranceisassumedtobeutilizeduniformlyoverthesix-monthpolicyperiod. \\ \hline 7 & GBIneedstorecognizethewagesexpenseforthemonth.Sinceallemployeesarepaidsalariesandnochangeshavebeenmade,thisamountisthesameasthepreviousmonthsalaries.(Forpurposesofthisassignment,ignoremanufacturingandassumealllaborcostswillbeexpensed.) \\ \hline 8 & \begin{tabular}{l} GBI needs to recognize $4,500 of rent expense that had been prepaid. \\ \hline \end{tabular} \\ \hline \end{tabular} General Journal Section 3: Analyze and Prepare Journal Entries Below you will find the manual accounting cycle process which you must complete in this assignment. Following the manual accounting cycle process, you will find the GBI Post-Close Trial Balance from the old accounting system as of December 31st which must be posted as a journal entry as of January 1st into your manual accounting system (Excel Answer Sheet). Then you are provided descriptions of routine events occurring during January for which you are to make general journal entries in the manual accounting system (Excel Answer Sheet). Your manual accounting system needs to include a general journal, t-accounts, and a trial balance, all of which will be generated in the Excel Answer Sheet. Be sure to include your beginning and ending balances in your t-accounts. Manual Accounting Cycle Process 1. Record the 12/31 Post-close Trial Balance as the 1/1 Beginning Trial Balance as a single journal entry using the new CoA on the General Journal tab in the Excel Answer Sheet. Note: This entry has been posted as a journal entry on the General Journal tab in the Excel Answer Sheet. Also, the journal entry has been posted into the t-accounts on the T-Accounts tab. You can use this entry as an example for the remaining steps of this assignment. 2. Record the daily transactions if appropriate, (some events may not involve journal entries), as general journal entries using the new CoA on the General Journal tab in the Excel Answer Sheet. 3. Post your journal entries into t-accounts (T-Accounts tab) and then calculate account balances. The Excel Answer Sheet includes calculations using cell formulas. Ensure you are placing your postings in the correct rows/columns in the Excel Answer Sheet. Also, the taccount balances are linked to the trial balance on the Trial Balance tab. 4. Balance your Trial Balance as you post each journal entry into the t-accounts. If your Trial Balance does not balance after a posting, find your error before moving to the next posting. 5. Record the adjusting entries into the general journal and then post them into the t-accounts and trial balance. Hint: Ensure your Trial Balance is balanced before recording your adjusting entries. 6. Record closing entries in your trial balance as if this were a year-end close. (Do not enter the closing entries in your t-accounts.) Trial Balance as of December 31 Events During January (some events may not require a journal entry) Adjusting Journal Entry information as of January 31: \begin{tabular}{|l|l|} \hline & \\ \hline 5 & GBIusedtheInternettoreviewthemonthlychargesforutilitiesthebusinessconsumedduringJanuary.Basedontheinternetreport,theamounttobebilledbytheutilitiescompanyforJanuaryusageis$1,046. \\ \hline 6 & Liabilityinsuranceforthesix-monthperiodendingonFebruary28intheamountof$15,000waspaidlastAugustonthefirstofthemonth.Liabilityinsuranceisassumedtobeutilizeduniformlyoverthesix-monthpolicyperiod. \\ \hline 7 & GBIneedstorecognizethewagesexpenseforthemonth.Sinceallemployeesarepaidsalariesandnochangeshavebeenmade,thisamountisthesameasthepreviousmonthsalaries.(Forpurposesofthisassignment,ignoremanufacturingandassumealllaborcostswillbeexpensed.) \\ \hline 8 & \begin{tabular}{l} GBI needs to recognize $4,500 of rent expense that had been prepaid. \\ \hline \end{tabular} \\ \hline \end{tabular} General Journal