Project #1 - Financial Statements This project is due on Tuesday, October 26th before the start of class. It is to be submitted as an Excel file to the D2L dropbox. You are allowed to work together and to use your textbook / notes. Requirements Use the following transaction descriptions to compose the following items: Journal entries for all transactions through the end of year (Dec. 31st) End of year unadjusted trial balance Adjusting journal entries for end of year adjusting transactions End of year adjusted trial balance Income Statement Statement of Retained Earnings Balance Sheet 1. Transactions Dec. 1* - a new company is formed called "Lawn Darter, Inc." $10,000 cash is contributed to the start-up in exchange for common stock. Dec. 15 - $1,500 was paid for 3 months' rent in advance. 2. 3. Dec. 1st - a $2,400 riding lawn mower was purchased in cash. This piece of equipment was determined to have a 2 year (24 month) usable lifespan. 4. Dec. 8th $400 of supplies were purchased on account and paid in cash 30 days later. 5. Dec. 10th lawn service job was performed and payment was $1,250 in cash . 6. Dec. 12th a customer paid $1,400 in cash for lawn service to be performed Jan. 10th 7. Dec. 15th lawn service job was performed and payment was $1,100 in cash Dec. 17th lawn service job was performed and payment was $750 on account, paid in cash 30 days later. . 00 9. Dec. 20th lawn service job was performed and payment was $1,800 in cash 10. Jan. 1st - an inventory was done and it was determined $150 of supplies were used in Dec. 11. Jan. 5th a $200 dividend for the prior year was paid in cash 12. Jan. 5th $1,700 in employee wages for Dec. were paid in cash 13. Jan. 10th lawn service job was performed per previous agreement 14. Mar. 1 - $450 of income taxes were due for the prior year