Question 1: Create Journal entries, T-accounts, and Income statements for all cycles below. PART ONE: Create Journal entries and T-accounts for this cycle The example transactions 1-10 journal entries were already recorded prior to the beginning of the Project: See page 6 of Assignment. 1 1/1/2022 Sells $15,000 of Common Stock to shareholders for cash 2 1/1/2022 Signs a 4-month lease. Rent is $500 due the first week of each month and pays the rent for the month of January 3 1/1/2022 4 1/1/2022 Takes out a 5-year, $5,000 loan from MT Bank with 6% interest due monthly Purchases supplies worth $250 for cash 5 1/1/2022 Purchases equipment worth $3,000 for cash with 4-month useful life 6 1/2/2022 7 1/4/2022 8 1/6/2022 9 1/9/2022 10 1/10/2022 Purchases 100 units of inventory, on account, for $5,000 ($50 per unit) Provides services for $1,500 Sells $10,000 of Common Stock to shareholders for cash Purchases 100 units of inventory, on account, for $5,000 ($50 per unit) Provides services for $3,000 *You need to post the example transaction's journal entries debit and credit entries into the beginning balances of the general ledger T accounts OR Take the balances already posted in the financial statements for the example transactions 1-10 and post those to the beginning balances of the General Ledger Accounts. Accounting Cycle Project Transactions to hand record for Submission Part #1 THE REMAINING TRANSACTIONS NEED TO BE JOURNALIZED AND POSTED TO THE GENERAL LEDGER T ACCOUNTS Accounting Cycle Project Transactions (1-31) 1/31/2022 Company pays its supplier for inventory purchased on 1/2/2022 1/31/2022 Company provides services worth $5,000 and is paid in cash 1/31/2022 Company employees earn $20,000 salaries in the month of January to be paid in February (CORRECTED) 1/31/2022 Company purchases a building using a note payable for $480,000 at 5.00% annual interest and Orca Company puts $15,000 down Accounting Cycle Project January Month-end Adjusting Entries Transactions (1/31) (see adjusting Entry Power Point) 1/31/2022 Supplies had a zero balance at the end of January 1/31/2022 Recorded rent expense for the month of January that was paid for on January 1 1/31/2022 1st Adjust for Interest Accrued on 5-year, $5,000 loan from MT Bank with 6% interest due monthly made on January Enter Closing Entries (1/31) (see power point-Demo only) JANUARY CLOSING ENTRIES ARE NOT JOURNALIZED AND POSTED - THE CLOSING ENTRIES FOR JANUARY THAT ARE SHARED IN CLASS ARE INFORMATIONAL ONLY AS IF JANUARY WAS THE END REPORTING PERIOD-WE DO NOT ACTUALLY JOURNALIZE AND POST THE CLOSING ENTRIES EACH MONTH AS THIS WOULD ZERO OUT THE TEMPORARY ACCOUNT BALANCES THAT ARE NEEDED TO COMPLETE THE INCOME STATEMENT FOR EACH SUBMISSION. THE FINAL SUBMISSION WILL INCLUDE THE CLOSING JOURNAL ENTRIES