The goal of this project is to review the accounting cycle, the accounting information system, and the use of worksheets in the preparation of financial statements.$$In the project you will assume the role of the staff accountant for Shipping Inc., and perform Shipping Inc.s accounting for the transactions that occurred during January $2023.$ A list of the transactions that Shipping Inc. engaged in during January $2023$ is attached at the end of this assignment. As the staff accountant, you will need to:$$

$1.$ Prepare journal entries for each of the attached transactions.

$2.$ Post each of the journal entries to related T$-$accounts.

$3.$ Prepare a trial balance at the end of the month.

$4.$ Prepare any necessary adjusting entries$\mathrm{.}5.$ Prepare an adjusted trial balance.

$6.$ Prepare Shipping Inc.s Income Statement for the month ended January $31,2023.$

$7.$ Prepare Shipping Inc.s January $31$ closing entries.

$8.$ Prepare Shipping Inc.s January $31$ post$-$closing trial balance.

$9.$ Prepare Shipping Inc.s Statement of Retained Earnings for the month ended January $31,2023,$ and their Balance Sheet as of January $31,2023.$

Shipping Inc.s transactions during January $2023$:

$1.$ Jan. $1-$ Issued $7,500$ shares of no$-$par common stock for $$6$ per share.

$2.$ Jan. $1-$ Purchased furniture for $$12,000.$ Monthly depreciation on the furniture is $$200.$

$3.$ Jan. $1$ Paid $$5,400$ for a one$-$year insurance policy covering the period January $1,2023$through December $31,2023.$

$4.$ Jan. $6$ Purchased office supplies on account for $$8,400.$

$5.$ Jan. $12-$ Purchased inventory on credit for $$49,300.$

$6.$Jan$.15-$ Declared $$6,200$ in dividends to its shareholders, payable February $5$th$,2023.$ Shipping Inc. debited Dividends on the date of declaration

$7.$ Jan. $20$ Paid $$8,400$ for the supplies purchased on Jan. $6$th$.$

$8.$ Jan. $22-$ Paid $$64,200$ to its suppliers for inventory purchased on credit in December $2022.$

$9.$ Jan. $25$ Delivered goods for which a customer had paid $$7,100$ in December of $2022($hint: see the deferred revenue account in the January $1,2024$ trial balance$).$ The goods had a cost of $$3,600$

$10.$ Jan. $31-$ Paid its employees $$49,875$ for work performed from December $23,2022$ January $26,2023.$ $$12,825$ was for work performed in December $2022,$ and $37,050$ was for work performed from January $1$ January $26,2023.$

$11.$ During January Shipping Inc. collected $$78,425$ in accounts receivable. $($Make a summary entry for the entire month$).$

$12.$ During January Shipping Inc. made credit sales for $$115,600.$ The cost of the goods sold was $$55,700.($Make summary entries for the entire month$).$

Other information:$$

$1.$ Monthly depreciation for the companys existing Machinery is $$1,050,$ and monthly depreciation for the companys existing Computer Equipment is $$450.$

$2.$ The note receivable for $$41,250$ is a $6-$year note that matures on December $31,2026.$ The interest on the note is $8\%$ and is payable annually on each December $31$st$.$ Shipping Inc. received the regularly scheduled annual interest payment of $$3,300$ on December $31,2022,$ and correctly accounted for that payment in their December $31,2022$ financial statements.

$3.$ During the period January $27$ January $31$ employees earned an additional $$7,375$ which will be included in their February paycheck.

$4.$ A count of supplies indicated that $$2,700$ of supplies were on hand on January $31,2023.$

$5.$ Hint: Dont forget depreciation for the new furniture and the use of Insurance during January.

$($PLEASE ANSWER STEPS $1,2,3,4,5,6,7,8,9)$