the analyzing part is really hard for me so if you can make sure its right thatll help me a lot

Eli's Consulting Services Postclosing Trial Balance December 31, 20X1 CREDIT ACCOUNT NAME Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Troyton Ell, Capital Totals DEBIT 111 35 000 50.000 00.000 400000 11100 000 183 00 350 000 128 66 700 13235 000 13235 000 El's Consulting Services Income Statement Month Ended December 31, 20X1 47100 000 Revenue Fees Income Expenses Solaries Expense Uttes Expense Supples Expense Rent Expense Depreciation Expense-Equipment Total Expenses Net Income for the Month 800 000 65 000 50 000 400000 1 8 3 00 13333.00 33 66700 Ell's Consulting Services Statement of Owner's Equity Month Ended December 31, 20X1 100 0 0 0 0 Troyo El Capital, December 20X1 Net Income for December Less Wondrowals for December Increase in Capitol Troyton El Capitol, December 31, 2017 33 66.700 $10.0 000 28 6 6 700 128 66 700 Ell's Consulting Services Balance Sheet December 31, 20X1 A Cest Accounts Recevo Supe Podel Ep Accumulated Depreciation Toral Assets 135 000 S000.00 100 000 200 000 100 000 1 $100 101200 122167100 250 and Oy Lobator Acconti Poyable Owner Troon Canal Low 1129 12200 This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Eli's Consulting Services for the month of January 2020. Assume that you are the chief accountant for Eli's Consulting Services. During January, the business will use the same types of records and procedures that you learned about in Chapters 1 through 6. The chart of accounts for Ell's Consulting Services has been expanded to include a few new accounts Follow the instructions on the Requirements tab to complete the accounting records for the month of January DATE TRANSACTIONS 10. Purchased supplies fol s14,000; issued Check 1915. 2. Purchased a one-year insurance policy for $16,800. 7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January 12 Collected a total of 58,000 on account from credit customers during the first week of Danuary 12 Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. 13 Collected a total of 39,000 on account fron credit customers during the second week of January 14 Returned supplies that were danged for a cash refund of $1.500. 15 Sold Services for $41,400 in cash and $4,600 on credit during the second week of January 20 Purchased supplies for $10,000 from White's, Inc. received Invoice 2354 payable in 30 days. 20 Sold services for $25,000 in cash and $7,000 on credit during the third week of January 20 collected a total of $11,200 on account from credit castoners during the third week of January 21 Issued Check 1016 for $14,130 to pay for maintenance work on the office equipment. 22 tssued Check 1019 for $7,200 to pay for special promotional advertising to new businesses in the local newspaper 2) Received the monthly telephone bill for $2,050 and paid it with Check 1020. 26 Collected total of 5),200 account from credit customers during the fourth week of January 27 Issue Check 1021 for 16,000 to office plus as ponent on account for Invoice 2225. 21 Sent Check 1022 for 55,356 in payment of the monthly bill for utilities. 2 Sold services for $38,000 in cath and 15,500 on credit during the fourth week of January 11 ts Checks 1023-1027 for 505,00 to pay the monthly salaries of the regular employees and three part-time workers 31 issord Check 1025 for 534,000 for personal uit Isto Check 102 for 1.100 tony for maintenance services for the oth 11 Purchased additional toupent for 350,000 fron Contemporary Equipment Company issued Check 1030 for $20,000 and bought the reston credit the best five years and no savage value 31 de 515,100 Incint),20 on credit on January 31 USDIENTS 11 Compte record the sent for suele sering the month Aventory taken Sanuary 31 showed supplies of 11 and record thjustustapintainrance for the thi 20 collected total of $11,200 on account from credit customers during the third week of January 21 Issued Check 1018 for $14,130 to pay for maintenance work on the office equipment. 22 Issued Check 1019 for $7,200 to pay for special promotional advertising to new businesses in the local newspaper. 23 Received the monthly telephone bill for $2,058 and paid it with Check 1020. 26 Collected a total of $3,200 on account fron credit customers during the fourth week of January 27 Issued Check 1021 for $6,000 to Office plus as payment on account for Invoice 2223. 28 Sent Check 1822 for $5,350 in payment of the monthly bill for utilities. 29 Sold services for 538,000 in cash and $5,500 on credit during the fourth week of January. 31 Issued Checks 1023-1027 for $65,600 to pay the monthly salaries of the regular employees and three part-time workers. 31 Issued Check 1028 for $24,000 for personal use. 31 Issued Check 1029 for $8,309 to pay for maintenance services for the month, 31 Purchased additional equipment for $30,000 from Contemporary Equipment Company, issued Check 1030 for $20,000 and bought the rest on credit. The equipment has a five-year life and no salvage value. 31 sold services for $15,200 in cash and 33,240 on credit on January 31. ADJUSTMENTS 31 Compute and record the adjustment for supplies used during the month an inventory taken on January 31 showed supplies of 59,400 on hand 31 Compute and record the adjustinent for expired insurance for the month. 31 Record the adjustment for one month of expired rent of $4,000. 51 Mecord the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February Required: 1. General Ledger tab: Enter the account balances for January 1, 20x2 from the postclosing trial balance prepared on December 31 20x1, which appears in Egute. 2. General Journaltab Analyze each of the transactions listed for January and record it in the general Joumal 3. General Ledger tab Post the transactions to the general ledger accounts 4. Worksheet tab. Prepare the Trial Balance section of the worksheet 5. Worksheet tab: Prepare the Adjustments section of the worksheet using the adjusting transactions 6. Worksheett: Complete the worksheet 7. Income Statement tab Prepare an income statement for the month 8. Sunt of Etab. Prepare a statement of ownersequity 9. Balance Sheet tab Prepare balance sheet 10. Adjusting and closing tab. Record the adjusting entries and the closing entries in the general Journal 11. General der tio Post the adjustino tries and the closing entries to the generallador accounts 12. Post Closing tab Prepare a postcoin na balance Analyze: Answer the questions on the Analyze tab to compare the January 31 balance sheet you prepared with the December 31 balance sheet shown in Figure 6.4. Complete this question by entering your answers in the tabs below. General Requirement Adjusting General Income Journal and Closing Ledger Worksheet Statement Stmt of OE Bal Sheet Postdosing Analyze 1. General Ledger tab: Enter the account balances for January 1, 20x2 from the postclosing trial balance prepared on December 31, 20X1, which appears in Eloure 6.3. 2. General Journal tab: Analyze each of the transactions listed for January and record it in the general Journal 3. General Ledger tab: Post the transactions to the general ledger accounts. 4. Worksheet tab: Prepare the Trial Balance section of the worksheet. 5. Worksheet tab: Prepare the Adjustments section of the worksheet using the adjusting transactions. 6. Worksheet tab: Complete the worksheet. 7. Income Statement tab: Prepare an income statement for the month. 3. Stmt of OE tab: Prepare a statement of owner's equity. 9. Balance Sheet tab: Prepare a balance sheet. 10. Adjusting and Closing tab: Record the adjusting entries and the closing entries in the general Journal 11. General Ledger tab: Pout the adjusting entries and the closing entries to the general ledger accounts: 12. Post Closing tab: Prepare a postclosing trial balance Show less Complete this question by entering your answers in the tabs below. General Journal General Ledger Bal Sheet Analyze Requirement Adjusting and Closing Income Statement Worksheet Stmt of OE Postclosing Analyze each of the transactions listed for January and record it in the general Journal View transaction list Journal entry worksheet 3 2 4 5 6 7 8 23 ++4 Purchased supplies for $14,000; issued Check 1015, Note Enter deb before credits General Journal Debit Credit Date Jan 02. 20X2 Complete this question by entering your answers in the tabs below. Requirement General Journal Adjusting and Closing General Ledger Worksheet Income Statement Stmt of OE Bals Record the adjusting entries and the closing entries in the general journal. View transaction list X: > 1 Compute and record the adjustment for supplies used during the month. An Inventory taken on January 31 showed supplies of $9,400 on hand. ith. An 2 Compute and record the adjustment for expired insurance for the month. Record the adjustment for one month of expired rent of 54,000. Credit 4 Record the adjustment for depreciation of $183 on the old equipment for the month, 5 Record the closure of Fees income Note = journal entry has been entered Complete this question by entering your answers in the tabs below. equirement General Journal Adjusting and Closing General Ledger Worksheet Income Statement Stmt of OE Bal S Record the adjusting entries and the closing entries in the general journal. View transaction list X insurance for the month > 3 Record the adjustment for one month of expired rent of $4,000. ith. An 4 Record the adjustment for depreciation of $183 on the old equipment for the month 5 Record the closure of Fees income. Credit 6 Record the closure of expense accounts. Record the transfer of income to capital account Record drawings for the periodi Note Journal entry has been entered Complete this question by entering your answers in the tabs below. Requirement General Journal Adjusting and Closing General Ledger Worksheet Enter the account balances for January 1, 20x2 from the postclosing trial balance prepared on December 31, 20x1, which appears in Figure 6.3. Post the transactions to the general ledger accounts Income Statement Stmt of OE Bal Sheet Postdosing Analyze Cash Date Debit + Account No. 101 Credit Balance Accounts Receivable Date Debit Account No. 111 Credit Balance Supplies Date Account No. 121 Credit Balance Prepaid Insurance Date Debit Account No. 134 Credit Balance Debit Prepaid Rent Date Account No. 137 Credit Balance Equipment Date Account No. 141. Credit Balance Debit Debit Accumulated Depreciation- Equipment Date Debit Account No. 142 Credit Balance Accounts Payable Date Debit Account No. 202 Credit Balance Account No. 302 Trayton Eli, Capital Date Debit Account No. 301 Credit Balance Trayton Ell, Drawing Date Debit Credit Balance Income Summary Date Debit Account No. 309 Credit Balance Fees Income Date Debit Account No. 401 Credit Balance Salaries Expense Date Debit Account No. 511 Credit Balance Utilities Expense Date Debit Account No. 514 Credit Balance Supplies Expense Onto Debit Account No. 517 Credit Balance Rent Expense Date Dobit Account No. 520 Credit Balance Supplies Expense Date Debit Account No. 517 Credit Balance Rent Expense Date Debit Account No. 520 Credit Balance Account No. 523 Account No. 526 Depreciation Expense- Equipment Date Debit Advertising Expense Date Debit Credit Balance Credit Balance Maintenance Expense Date Debit Account No. 529 Credit Balance Telephone Expense Date Debit Account No. 532 Credit Balance Insurance Expense Date Debit Account No. 535 Credit Balance EU'S CONSULTING SERVICES Worksheet Month Ended January 31, 20X2 Adjustments Adjusted Trial Balance Debi Credit Credit Income Statement Debat Credit Trial Balance Debit Credit lance She Debit Account Name Debt Cach Accountivol Solis CH Doldur Necumded odtonoviment Trayton Cape HHH 1 man F Accounts receivable Supplies Prepaid Insurance Prepaid rent Equipment Accumulated depreciation--Equipment Accounts payable Trayton El Capital Trayton El Drawing Income summary Fees income Salaries expense Utilities expose Supplies expense Insurance expense Rent expense Depreciation expense-Equipment Advertising expense Telephone expense Maintenance expense Sut-tals + Totals eet. Then prepare the Adjustments section using the adjusting transactions. Now complete the worksheet. ELI'S CONSULTING SERVICES Worksheet Month Ended January 31, 20X2 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit + Journai and closing Leager 20 Statement Prepare an income statement for the month. ELI'S CONSULTING SERVICES Income Statement Month Ended January 31, 20X2 Revenue Expenses Total expenses Complete this question by entering your answers in the tabs below. General Journal Requirement Adjusting and Closing General Ledger Worksheet Income Statement Stmt of OE Bal Sheet A Postclosing Prepare a statement of owner's equity. ELI'S CONSULTING SERVICES Statement of Owner's Equity Month Ended January 31, 20X2 uvuilidi anu CIOSITY Leuger Slalement Prepare a balance sheet. ELI'S CONSULTING SERVICES Balance Sheet January 31, 20X2 Assets Total assets Liabilities and Owner's Equity Liabilities Owner's Equity Total liabilities and owner's equity Piepare a pUSLLIUSMy lidi Valance. ELI'S CONSULTING SERVICES Postclosing Trial Balance December 31, 20X2 Account Name Debit Credit Debit Credit Account Name Totals Analyze: Answer the questions on the Analyze tab to compare the January 31 balance sheet you prepared with the Decemb balance sheet shown in Figure 6.4 Complete this question by entering your answers in the tabs below. General Journal Analyze Requirement General Ledger Adjusting and Closing Income Statement Worksheet Bal Sheet Postclosing Stmt of OE Compare the January 31 balance sheet you prepared with the December 31 balance sheet shown in Elgure 6.4 1. What changes occurred in total assets, liabilities, and the owner's ending capital? 2. What changes occurred in the cash and Accounts Receivable accounts? 3. Has there been an improvement in the Firm's financial position? Show less Amount 1. Total assets Totallaties Owner's capital 2 Cash Accounts receivable 3 Firm's financial position Postcloning