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On Dec 31, 2021, the end of its most recent fiscal year, Company's post-closing trial balance was as follows: Company conducted the following transactions during

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On Dec 31, 2021, the end of its most recent fiscal year, Company's post-closing trial balance was as follows: Company conducted the following transactions during Jan 2022, and adjusts its accounts monthly. Jan 01 Purchased equipment, paying $6,180 cash and signing a 2 -year note payable for $19,720. The equipment has a 5 -year useful life. The note has a 8% interest rate, with interest payable on the first day of each following month. Jan 02 Issued 20,400 shares of common stock for $51,000 cash. Jan 03 Paid $4,800 cash for a 12-month insurance policy effective Jan 01. Jan 10 Collected $1,950 cash on account from The Lightman Group. This client was billed in December when Company performed the service. Jan 14 Poid $1,100 cash for a utility bill. This was related to Decembet-utilities that were accrued at the end of December. Jan 20 Performed services worth $23,050 on account and billed customers. Adjustment data: Jan 03 Paid $4,800 cash for a 12 -month insurance policy effective Jan 01. Jan 10 Collected $1,950 cash on account from The Lightman Group. This client was billed in December when Company performed the service. Jan 14 Paid $1,100 cash for a utility bill. This was related to December utilities that were accrued at the end of December. Jan 20 Performed services worth $23,050 on account and billed customers. Adjustment data: 1. Adjustment of prepaid insurance. 2. Equipment depreciation, $431 per month. 3. Accrual of interest on note payable. 4. Estimated utilities expense for January, $1,800 (invoice will be received next month). 5. Income tax for January, $4,650 will be paid next month 1. Journalize the January transactions (including adjusting entries). 2. Enter the opening balances in the ledger accounts (Use T-accounts). 3. Post to the ledger accounts. 4. Prepare a trial balance at Jan 31, 2022. 5. Journalize and post adjusting entries for the month ending Jan 31, 2022. 6 Prepare an adjusted trial balance. 7. Prepare an income statement and a retained earnings statement for January and a balance sheet at Jan 31, 2022. (Net income $15,638, Total assets $123,489 Accounts

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