Project 1-complete an accounting cycle - Excel Shubham Arora File Home Insert Page Layout Formulas Data Review View Developer Help Acrobat Tell me what you want to do Calibri 11 AA Wap Text General F- Paste BFU- 1-4- 53 Merge & Center - Conditional Format es Formatting Table Styles- Cell Incert Delete Format Clear Clipboard Font Alignment Number Styles Criti Q78 x H 57 These balances have been recorded in the general ledger as the opening/beginning balance as at January 1, 2021. 58 59 Account No. Account Name 60 1010 Cash 61 1020 Accounts Receivable 62 1040 Supplies 63 1050 Prepaid Rent 64 1080 Office Equipment 65 1090 Accumulated Depreciation-Office Equipment 66 2010 Accounts Payable 67 2020 Salaries Payable 68 2030 Unearned Revenue 69 3010 Jenny Watson, Capital 70 3020 Jenny Watson, Withdrawals 71 3030 Income Summary BEEPERE 4010 Service Revenue 73 5005 Advertising Expense 74 5010 Salaries Expense 5020 Rent Expense 76 77 5030 Supplies Expense 5040 5090 Depreciation Expense Telephone Expense instructions Part 1 Part 2 Part Part 4 Part 5 Ready Debit Credit S 22,800 4,100 900 3,200 15,000 1,500 800 1,200 2,500 40,000 M N 31170 29520 ING US Q 1 At the end of January, the following adjustments were required. 2 345 1. Supplies on hand cost $600 on January 31. 2. Depreciation was calculated for January, $125. 3. Accrued salaries on January 31, $280. 4. Rent was used during January, $1,600 5. Unearned Revenue were earned during January, $2,500. Jenny Consulting Worksheet For the month ended January 31, 2021 Unadjusted Trial Balance Debit Credit 6 7 8 Required: Complete the following worksheet 9 10 11 12 13 14 $ 15 16 Account Name 17 18 19 20 21 22 Adjustments Debit Credit 1 4 2 Part 3 Part A Part 5 6 Adjusted Trial Balance Debit Credit 4 Required: Prepare closing entries and a post-closing trial balance 5 Prepare closing entries 6 7 B 2. close expense accounts: Debit Income Summary for total expenses, and credit each individual expense account for its balance. 9 10 1 dose revenue accounts: Debit each individual revenue account for its balance, and credit Income Summary for total revenues 3. close Income Summary account: Debit Income Summary for its balance (or credit it if there is a loss) and credit (debit) the Owner's Capital account. 4. Debit the Owner's Capital account and credit the Owner's Drawings account for the balance in drawings. 11 12 13 Date Description General Journal PR: 110 AC no. Debit 5 Credit 5 14 1 15 36 17 18 21 19 201 21 L M N Jenny Watson started her consulting business, Jenny Consulting, in 2020. During January 2021, Jenny Consulting had the 2 following transactions: 4 5 16 7 8 9 10 11 12 January 3 9 Received cash from clients for payment in advance for services to be provided in future, $2,000 Paid cash for advertisement expenses, $300 16 Paid total cash of $3,400 for salaries, including January salaries of $2,200 and $1200 of salaries payable from December 20 Purchased supplies on account, $400 22 Received cash from clients on account, $1,800 25 Performed services on account and billed clients for services provided, $900 28 Received cash for services performed in January, $3,800 29 Jenny withdrew $1,300 from capital 30 Paid cash for telephone bill, $250 14 Required: 1. Record the January transactions in the general journal. Please include an explanation for each journal entry. 2. Post the journal entries in the general ledger