Nighthawk Services was incorporated in the state of VA. The company will provide management consulting services to business and governmental clients. Tom M. contributed $20,000 of personal funds to the business in exchange for shares of common stock Nighthawk Services signed a contract to provide consulting services for $10,000 to ABC client. Nighthawk Services received $10,000 from ABC for work to be performed half in January and half in February. Nighthawk Services bought $700 of office supplies on account Nighthawk Services bought $5,000 of office equipment using cash Nighthawk Services hired 2 consultants Nighthawk Services purchased a 12 month insurance contract for $12,000 Nighthawk Services paid $650 cash for rental of office space for January Nighthawk Services paid $400 on account for advertising during January. Nighthawk Services was paid $3000 from Fed Corp to perform services during January Nighthawk Services purchased $200 of supplies using cash Nighthawk Services signed a contract to provide consulting services for $36,000 to DMV client. Services to be provided equally over the next 12 months starting in February. Client will be billed at end of each month. Nighthawk Services pays employees $5,000 in salaries Nighthawk Services borrowed $500,000 on a 3% note payable. Nighthawk Services purchased Land for $100,000 cash with plans to build an office building within the next year. Nighthawk Services paid $200 cash for repairs and maintenace to equipment Nighthawk Services loans $1000 to G Corp on a 5% (interest) note receivable Nighthawk Services pays employees $5,000 in salaries Nighthawk Services gets paid $850 for services performed to Vector Corp Nighthawk Services purchases $1,000 in stock investments Nighthawk Services gets a $275 bill for utilities used in January Nighthawk Services pays $650 in office rent for month of February Nighthawk Services pays $2,000 in dividends Nighthawk Services pays $400 cash to attend an event to promote business at a convention in January Nighthawk Services pays $490 cash for taxes Nighthawk Services pays employees $5,000 in salaries Nighthawk Services paid for $700 office supplies previously purchased on account Nighthawk Services has to prepare financial statements for the owner and the bank from which the funds were borrowed.

Nighthawk Services calculated $500 in depreciation Nighthawk Services must recognize the accrued interest on the loan Nighthawk Services counted $400 in remaining supplies (on hand supplies) Nighthawk Services owes employees $1,000 in salaries for work performed in January Are there any other accounts that need adjusting?!!

This accounting cycle project requires you to complete the following using Excel:

1. Record the transactions in the general journal

2. Post the transactions to the general ledger

3. Create a trial balance as of 1/31

4. Record the necessary adjusting journal entries at 1/31

5. Post the adjusting journal entries to the general ledger

6. Create an adjusted trial balance as of 1/31

7. Prepare the income statement, retained earnings statement and balance sheet at and for the month of January

8. Answer the questions in the tab labeled financial statement analysis

NOTE: You should link/cell reference every number to each tab/spreadsheet/cell and embed ALL excel formulas/calculations whenever possible. Failure to do so will reduce your score.