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Financial Accounting Project A new corporation, ABC Corporation, was created on January 1 of the current year The following transcations occurred during the month of January of the current year: Amount 153,885 22,485 39,423 15,851 Date 1.Jan 1-Jan 1-Jan 1-Jan 5-Jan 7-Jan 10-Jan 10-Jan 11-Jan 14-Jan 29-Jan 29-Jan 31-Jan Adjustment Adjustment Adjustment The owners put money into the corporation checking account in exchange for shares of common stock The corporation rented a building and paid the first six months rent The corporation bought equipment and furniture on account The corporation hired employees who will be paid the following for each month worked on the 10th of the following month The corporation bought supplies and paid cash The corporation bought inventory and paid cash The corporation advertised in the local newspaper and paid cash The corporaiton obtained one year of insurance and paid cash The corporation make cash sales The corporation make sales on account The corporation paid some of what it owed on account The corporation collected money owed to them on account The corporation paid a cash dividend to the shareholders Inventory remaining at the end of the month Supplies remaining at the end of the month The corporation decides to depreciate the furniture and equipment over 60 months 43,381 2,761 2,540 162,062 96,976 19,712 51,009 44,998 27,027 34 Required: 1. Make the journal entries required for the month of January in the space below - explanations not needed. NOTE: Use accural accounting as taught in the class (56 points) 2. Make the adjusting entries required at the end of January in the space below-explanations not needed (24 points) 3. Create an adjusted trial balance in the space below (20 points) 4. Create an income statement, statement of owners' equity, and balance sheet in the spaces below (25, 25, and 25 points) Financial Accounting Project A new corporation, ABC Corporation, was created on January 1 of the current year The following transcations occurred during the month of January of the current year: Amount 153,885 22,485 39,423 15,851 Date 1.Jan 1-Jan 1-Jan 1-Jan 5-Jan 7-Jan 10-Jan 10-Jan 11-Jan 14-Jan 29-Jan 29-Jan 31-Jan Adjustment Adjustment Adjustment The owners put money into the corporation checking account in exchange for shares of common stock The corporation rented a building and paid the first six months rent The corporation bought equipment and furniture on account The corporation hired employees who will be paid the following for each month worked on the 10th of the following month The corporation bought supplies and paid cash The corporation bought inventory and paid cash The corporation advertised in the local newspaper and paid cash The corporaiton obtained one year of insurance and paid cash The corporation make cash sales The corporation make sales on account The corporation paid some of what it owed on account The corporation collected money owed to them on account The corporation paid a cash dividend to the shareholders Inventory remaining at the end of the month Supplies remaining at the end of the month The corporation decides to depreciate the furniture and equipment over 60 months 43,381 2,761 2,540 162,062 96,976 19,712 51,009 44,998 27,027 34 Required: 1. Make the journal entries required for the month of January in the space below - explanations not needed. NOTE: Use accural accounting as taught in the class (56 points) 2. Make the adjusting entries required at the end of January in the space below-explanations not needed (24 points) 3. Create an adjusted trial balance in the space below (20 points) 4. Create an income statement, statement of owners' equity, and balance sheet in the spaces below (25, 25, and 25 points)