Please help with Income Statement, Closing Entries, Closing Trial Balance, Retained Earnings, and Balance Sheet.

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The goal of this project is to review the accounting cycle, the accounting information system, and the use of worksheets in the preparation of financial statements. In the project you will assume the role of the staff accountant for Shipping Inc., and perform Shipping Inc.'s accounting for the transactions that occurred during January 2021. A list of the transactions that Shipping Inc. engaged in during January 2021 is attached at the end of this assignment. As the staff accountant, you will need to: 1. Prepare journal entries for each of the attached transactions. 2. Post each of the journal entries to related T-accounts. 3. Prepare a trial balance at the end of the month. 4. Prepare any necessary adjusting entries. 5. Prepare an adjusted trial balance. 6. Prepare Shipping Inc.'s Income Statement for the month ended January 31, 2021. 7. Prepare Shipping Inc.'s January 31 closing entries. 8. Prepare Shipping Inc.'s January 31 post-closing trial balance. 9. Prepare Shipping Inc.'s Statement of Retained Earnings for the month ended January 31, 2021, and their Balance Sheet as of January 31, 2021. You should complete this project using the Excel spreadsheet Shipping Inc. Accounting Cycle Spreadsheet.xls posted to Canvas. The first tab of the spreadsheet provides Shipping Inc.'s trial balance as of the beginning of January 2021. The remaining tabs of the spreadsheet correspond to each of the 9 tasks above. Shipping Inc.'s transactions during January 2021: 1. Jan. 1 - Issued 7,500 shares of no-par common stock for $14 per share. 2. Jan. 1 - Purchased a deliver van (used) for $16,000 in cash. Monthly depreciation for the van is $250. 3. Jan. 1 - Paid $3,840 for a one-year insurance policy covering the period January 1, 2021 -- December 31, 2021. 4. Jan. 7 - Performed repairs and maintenance on their computer equipment costing $2,000. 5. Jan. 12 - Purchased inventory on credit for $92,000. 6. Jan. 15 - Declared and paid $4,000 in dividends to its shareholders. 7. Jan. 22 - Paid $65,000 to its suppliers for inventory purchased on credit in December 2020. 8. Jan. 25 - Provided services for which a customer had paid $3,000 in December of 2020 (hint: see the deferred revenue account in the January 1, 2021 trial balance). 9. Jan. 31 - Paid its employees $45,000 for work performed from December 26 - January 25. $6,800 was for work performed in December 2020, and 38,200 was for work performed from January 1 - January 25, 2021. 10. During January Shipping Inc. collected $118,300 in accounts receivable. (Make a summary entry for the entire month). 11. During January Shipping Inc. made credit sales for $210,000. The cost of the goods sold was $125,000. (Make summary entries for the entire month). 18 January MPPLE . CONCLUJITO,JUU wa WILD ICC Yavi. IVARU summary entry for the entire month). 11. During January Shipping Inc. made credit sales for $210,000. The cost of the goods sold was $125,000. (Make summary entries for the entire month). Other information: 1. Monthly depreciation for the Furniture & Fixtures is $500, and monthly depreciation for the computer equipment is $350. 2. The note payable for $60,000 is a 5-year note that matures on December 31, 2023. The interest on the note is 8% and is payable annually on each December 31st Shipping Inc. made their regularly scheduled interest payment of $4,800 on December 31, 2020. 3. During the period January 26 - January 31 employees earned an additional $5,900 which will be included in their February paycheck. Shipping Inc Acco AutoSave OFF so- Insert Draw Page Layout Formulas Home Data Review View Times New Roman 12 A A Custom Paste BIU v . $ %) B 7 B15 - x fx 0 A 1 Trial Balance Summary 2 As of January 1, 2021 3 4 5 Description 6 Cash Accounts Receivable 8 Inventory 9 Furniture & Fixtures 10 Computer Equipment 11 Accum. Dep.- F&F 12 Accum. Dep. - Comp. Eqp 13 Accounts Payable 14 Salaries Payable 15 Notes Payable 16 Deferred Revenue 17 Common Stock 18 Retained Earnings 19 Total 20 21 22 23 24 25 26 27 28 29 30 Beginning Trial Balance Ready Debit 107,800.00 114,300.00 89,500.00 26,000.00 16,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 353,600.00 Credit 0.00 0.00 0.00 0.00 0.00 1,200.00 6,000.00 78,400.00 6,800.00 60,000.00 5,000.00 60,000.00 136,200.00 353,600.00 Journal Entries TAccounts Ending Trial Balance AutoSave OFF so Shipping Inc Accounting Cycle Sp Home Insert Draw Page Layout Formulas Data Review View = 12 Times New Roman A A Number LO V Paste BIU a. A lili 101 v $ % ) 58 95 155 x fx A B c D E F G H 1 DR CR Cash 105,000 Common Stock 105,000 Delivery Van 16,000 Cash 16,000 9 Prepaid Insurance 3,840 Cash 3,840 Repair and Maintainence Expense 2,000 13 Cash 2,000 Inventory 92,000 Accounts Payable 92,000 1 2 Entry 1 3 Description Issuance of Common Stock 4 Date 1-Jan S 6 Purchase of van 7 1-Jan 8 Cash paid for insurance 10 1-Jan 11 12 Cash paif for maintenance 7-Jan 14 15 Purchase of inventory 16 12-Jan 17 18 Payment of dividends 19 15-Jan 20 21 Cash payment on account 22 22-Jan 23 24 Service revenue camod 25 25-Jan 26 27 Payment of Salaries 28 31-Jan 29 30 Beginning Trial Balance Ready Dividends 4,000 Cash 4,000 Accounts Payable 65,000 Cash 65,000 Deferred Revenue 3,000 Service Revenue 3,000 Salaries Payable Salaries Expense 6,800 38,200 Cash 45,000 Journal Entries T Accounts Ending Trial Balance Adjusting Entries AutoSave OFF S5 Shipping In Home Insert Draw Page Layout Formulas Data Review View o Calibri (Body) V 11 ~ A A General 10 Ti 1 ||| |||| ||| Paste BIU a. Av $ % L21 x fx D E F G H 3,000 210,000 125,000 88,000 47,520 40,480 A B 1 Shipping Inc. 2 Income Statement 3 For the Month Ended January 31, 2021 A 4 Revenue Service 5 Sales Revenue 6 COGS 7. Gross Profit 8 Operating Expense: 9 Depreciation Expense 1,100 10 Salary and Wages Expense 44,100 11 Insurance Expense 320 12 Maintenance Expense 2,000 13 Total Operating Expense 14 Net Operating income 15 Other Expenses: 16 Interest Expense 17 Net Income 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Beginning Trial Balance Journal Entries Ready 400 40,080 TAccounts Ending Trial Balance AutoSave OFF su: Shippin Home Insert Draw Page Layout Formulas Data Review View v Calibri (Body) V 11 ' Gener v y Paste BIU V V A D6 v fe C D E F G H Sales Revenue Service Revenue Income Statement B 1 Closing Entries 2 Close Revenue Accounts 3 31-Jan A4 5 6 Close Expense Accounts 7 31-Jan 8 9 10 11 12 13 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Beginning Trial Balance Journal Entries T Accounts Ending Trial Bala Ready AutoSave OFF OS 5 = Shipping Inc Aca Home Insert Draw Page Layout Formulas Data Review View Times New Roman 12 ' " Custom V Paste BIU a. Av $ % B C Debit Credit B6 fx 1 Post-Closing Trial Balance Summary 2. As of January 31, 2021 3 4 5 Description 6 Cash 7 Accounts Receivable 8 Inventory 9 Prepaid Insurance 10 Furniture & Fixtures 11 Computer Equipment 12 Van 13 Accum. Dep. - F&F 14 Accum. Dep. - Comp. Eqp 15 Accum. Dep. - Van 16 Accounts Payable 17 Salaries Payable 18 Interest Payable 19 Deferred Revenue 20 Notes Payable 21 Common Stock 22 Retained Earnings 23 Total 24 25 26 27 28 29 30 Journal Entries TAccounts _ Ending Trial Balance Adjusting Entries Adjust Ready AutoSave OFF SU Shipping Inc A Home Insert Draw Page Layout Formulas Data Review View Calibri (Body) 11 " General v IM | Paste BIU v A. $ % A4 x fx A B D m F G H Statement of Retained Earnings Shipping Inc. For the month ended January 31, 2021 NO 00 OWN 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 T Accounts Ending Trial Balance Adjusting Entries Adjusted Trial Balance Ready AutoSave OFF Shipp Home Insert Draw Page Layout Formulas Data Review View Calibri (Body) 11 == v ' ' Gent [D V ili Paste V BIU a. Av = = $ $ V F20 x fo G H B D E 1 Balance Sheet 2 Shipping Inc. 3 As of January 31, 2021 4 Non Current Asset: 5 6 Furniture and Fixtures at Cost 26000 7 Less: Accumulated Depreciation 1700 G8 24300 9 Computer Equipment at Cost 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Ending Trial Balance Adjusting Entries Ready Adjusted Trial Balance Income