On January 1, 2017, Bruce Wayne created a new Crime Watch agency, Waynes Watchdog Service The following transactions occured during the company's first month of operations: Jan 1 To get the business started, Wayne invested $1,000,000 cash, computer equipment worth $125,000, and a patent on new technology worth $250,000. 2 Rented furnished office space by paying $20,000 cash for the first month's office!). 3 Purchased $3,500 of office supplies for cash 3 Paid $5,000 cash for a one-year insurance policy. Coverage began immediately. Paid $6,000 cash for wages to one employee (Robin) 24 Collected $50,000 cash for services provided to customers in January. 26 Wayne took out a bank loan for-$1,000,000 with a term of 5 years. 28 Paid another $6,000 cash for wages rent (it was a mce 14 Paid $3,000 for telephone and totally awesome internest service in cash 29 Paid $1,500 cash to repair the company's computer 30 Wayne withdrew $10,000 cash from the business for personal use 30 The company's chart of accounts included the following: 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accum. Depr.-Computer Equip. 190 Patent 209 Wages Payable 212 Interest Payable 220 Notes Payable 301 Wayne, Capital 302 Wayne, Withdrawals 405 Service Fee Revenue 612 Depreciation Expense Computer Equip 622 Wage Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 690 Interest Expense 901 Income Summary Required 1. Use the balance column format to set up each account listed in its chart of accounts. (use sheets provided) 2. Prepare journal entries to record the transactions for September and post them to the general ledger accounts. The company records prepaid and unearned items in balance sheet accounts. The journal pages are pre-numbered. Be sure to use the appropriate number in the posting references in the ledger. I will be checking posting references. Make sure to prepare journal entries in proper format and include transaction descriptions 3. Prepare an unadjusted trial balance as of 1 31/2017 on the worksheet 4. Use the following information to journalize and post adjusting entries for the month: a. One month's insurance coveraze has expired (round to nearest dollar) Enable Editing to stay in Protected View. b. There are $2,600 of office supplies available at the end of the month. c. Depreciation on the computer equipment is $3,500. d. The employees earned $3,500 of unpaid and unrecorded wages e. The company earned $500,000 of fees for services provided in January that have not yet been billed. f. Record monthly interest on bank loan of $3,750, which will not be paid until June 2017. 5. Post your adjusting entries on the worksheet and to the General Ledger. Verify that the account balances in the general ledger after journalizing and posting the adjusting entries match the amounts in the adjusted trial balance on the worksheet. Use journal page 3 for the adjusting entries 6. Prepare the income statement and statement of owner's equity for January 7. Prepare a CLASSIFIED balance sheet at 1/31/2017. See your text for proper format. S. Prepare jounal entries to close the temporary accounts and then post these entries to the ledger. Use journal page 4 for the closing entries. 9. Prepare a post-closing trial balance. Be sure to prepare this from the account balances from the general ledger and not from the worksheet or the balance sheet. I will be checking. 10. Complete the Key Results worksheet. Make sure your workpapers. fill in all answers using information from to Make sure to turn in the project with the pages in proper order. This project must be NEAT and all entries and statements in proper format. Do NOT complete the project in pen -use a pencil or complete it electronically. I will not accept scribbled out entries and messy reports. I While I encourage you to work with your study group, each student must submit their own individual project. There will be no deadline extensions, so will require a substantial time commitment. please plan accordingly. This project