This accounting cycle project requires you to complete the following using Excel:
1. Record the transactions in the general journal
2. Post the transactions to the general ledger
3. Create a trial balance as of 1/31
4. Record the necessary adjusting journal entries at 1/31
5. Post the adjusting journal entries to the general ledger
6. Create an adjusted trial balance as of 1/31
7. Prepare the income statement, retained earnings statement and balance sheet at and for the month of January
8. Answer the questions in the tab labeled financial statement analysis
NOTE: You should link/cell reference every number to each tab/spreadsheet/cell and embed ALL excel formulas/calculations whenever possible. Failure to do so will reduce your score. Review the basic excel videos, instruction and offer assistance for anyone that needs it. 
Insert X LO Calibri 11 A = > Wrap Text General Ay a PX Delete BI U .... A : $ - % Merge & Center v 0020 Cell Styles Conditional Format as Formatting Table v Styles Format Sort & Find & Filter Select Analyze Data rd 12 Font Alignment Number Cells Editing Analysis j K L M N a R S B D E I G H | 1 How do you feel this company performed in its first month? Support your reasons. 2 Provide 3 financial statement ratios based on the information provided in the financial statements to support your conclusion in part 1. You can find information about ratios in chapter 13 3 Provide 4 recommendations for the owner to ensure the business becomes more profitable and an eventual success? 4 Provide 2 areas the company should be cautious of moving forward - in other words, what could derail the company from meeting its objectives? Adjusting Entries Adjusted Ledger Balances II. Adjusted Trial Balance Financial Statements Financial Statement Analysis + + 7:29 PM 12/5/2021 > (8) Insert Calibri 11 A ab Wrap Text General al 28 o WE 1. I III III 3x Delete - B I U v Av Merge & Center $ - % Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Analy Dat Font Alignment Is Number Cells Editing Analy X fic . B D E F G H 1 J K Income Statement Retained Earnings Statement Balance Sheet -- Ledger Balances Trial Balance Adjusting Entries Adjusted Ledger Balances Adjusted Trial Balance Financial Statements F... + a 0.14 Nighthawk Services was incorporated in the state of VA. The company will provide management consulting services to business and 1-Jan governmental clients. 2-Jan Tom M. contributed $275,000 of personal funds to the business in exchange for shares of common stock 3-Jan Nighthawk Services signed a contract to provide consulting services for $100,000 to ABC client. 4-Jan Nighthawk Services received $100,000 from ABC for work to be performed half in January and half in February 5-Jan Nighthawk Services bought $600 of office supplies on account 6-Jan Nighthawk Services bought $50,000 of office equipment using cash 7-Jan Nighthawk Services hired 2 consultants 8-Jan Nighthawk Services purchased a 12 month insurance contract for $12,000 9-Jan Nighthawk Services paid $1750 cash for rental of office space for January 10-Jan Nighthawk Services paid $910 on account for advertising during January. 11-Jan Nighthawk Services was paid $10,750 from Fed Corp to perform services during January 12-Jan Nighthawk Services purchased $450 of supplies using cash Nighthawk Services signed a contract to provide consulting services for $54,000 to DMV client Services to be provided equally over the next 13-Jan 12 months beginning in the month of January. Client will be billed at end of each month. 14-Jan Nighthawk Services pays employees $3,000 in salaries 15-Jan Nighthawk Services borrowed $450,000 on a 5% note payable. 16-Jan Nighthawk Services purchased Land for $300,000 cash with plans to build an office building within the next year. 17-Jan Nighthawk Services paid $2000 cash for repairs and maintenace to equipment 20-Jan Nighthawk Services loans $24,000 to G Corp on a 10% (interest) note receivable 21-Jan Nighthawk Services pays employees $3,000 in salaries 22-Jan Nighthawk Services gets paid $12,850 for services performed to Vector Corp 23-Jan Nighthawk Services purchases $150,000 in stock investments 24-Jan Nighthawk Services gets a $5375 bill for utilities used in January 25-Jan Nighthawk Services pays $1750 in office rent for month of February 26-Jan Nighthawk Services pays $70,000 in dividends 27-Jan Nighthawk Services pays $400 cash to attend an event to promote business at a convention in January 28-Jan Nighthawk Services pays $490 cash for taxes 29-Jan Nighthawk Services pays employees $3,000 in salaries 30-Jan Nighthawk Services paid for $700 office supplies previously purchased on account 31-Jan Nighthawk Services has to prepare financial statements for the owner and the bank from which the funds were borrowed. January Month End Adjustments 31-Jan Nighthawk Services calculated $550 in depreciation 31-Jan Nighthawk Services owes January interest on the loan 31-Jan Nighthawk Services counted $500 in remaining supplies (on hand supplies) 31-Jan Nighthawk Services owes employees $1,500 in salaries for work performed in January Are there any other accounts that need adjusting?!! for B D E F G I H 1 J Debit Credit Debited Amount Credited Amount Transactions Journal Entries Ledger Balances Trial Balance Adjusting Entries Adjusted Ledger Balances Adjusted Trial A2 X Wrap Text General Ay a PX Delete BI U .... A : $ - % Merge & Center v 0020 Cell Styles Conditional Format as Formatting Table v Styles Format Sort & Find & Filter Select Analyze Data rd 12 Font Alignment Number Cells Editing Analysis j K L M N a R S B D E I G H | 1 How do you feel this company performed in its first month? Support your reasons. 2 Provide 3 financial statement ratios based on the information provided in the financial statements to support your conclusion in part 1. You can find information about ratios in chapter 13 3 Provide 4 recommendations for the owner to ensure the business becomes more profitable and an eventual success? 4 Provide 2 areas the company should be cautious of moving forward - in other words, what could derail the company from meeting its objectives? Adjusting Entries Adjusted Ledger Balances II. Adjusted Trial Balance Financial Statements Financial Statement Analysis + + 7:29 PM 12/5/2021 > (8) Insert Calibri 11 A ab Wrap Text General al 28 o WE 1. I III III 3x Delete - B I U v Av Merge & Center $ - % Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Analy Dat Font Alignment Is Number Cells Editing Analy X fic . B D E F G H 1 J K Income Statement Retained Earnings Statement Balance Sheet -- Ledger Balances Trial Balance Adjusting Entries Adjusted Ledger Balances Adjusted Trial Balance Financial Statements F... + a 0.14 Nighthawk Services was incorporated in the state of VA. The company will provide management consulting services to business and 1-Jan governmental clients. 2-Jan Tom M. contributed $275,000 of personal funds to the business in exchange for shares of common stock 3-Jan Nighthawk Services signed a contract to provide consulting services for $100,000 to ABC client. 4-Jan Nighthawk Services received $100,000 from ABC for work to be performed half in January and half in February 5-Jan Nighthawk Services bought $600 of office supplies on account 6-Jan Nighthawk Services bought $50,000 of office equipment using cash 7-Jan Nighthawk Services hired 2 consultants 8-Jan Nighthawk Services purchased a 12 month insurance contract for $12,000 9-Jan Nighthawk Services paid $1750 cash for rental of office space for January 10-Jan Nighthawk Services paid $910 on account for advertising during January. 11-Jan Nighthawk Services was paid $10,750 from Fed Corp to perform services during January 12-Jan Nighthawk Services purchased $450 of supplies using cash Nighthawk Services signed a contract to provide consulting services for $54,000 to DMV client Services to be provided equally over the next 13-Jan 12 months beginning in the month of January. Client will be billed at end of each month. 14-Jan Nighthawk Services pays employees $3,000 in salaries 15-Jan Nighthawk Services borrowed $450,000 on a 5% note payable. 16-Jan Nighthawk Services purchased Land for $300,000 cash with plans to build an office building within the next year. 17-Jan Nighthawk Services paid $2000 cash for repairs and maintenace to equipment 20-Jan Nighthawk Services loans $24,000 to G Corp on a 10% (interest) note receivable 21-Jan Nighthawk Services pays employees $3,000 in salaries 22-Jan Nighthawk Services gets paid $12,850 for services performed to Vector Corp 23-Jan Nighthawk Services purchases $150,000 in stock investments 24-Jan Nighthawk Services gets a $5375 bill for utilities used in January 25-Jan Nighthawk Services pays $1750 in office rent for month of February 26-Jan Nighthawk Services pays $70,000 in dividends 27-Jan Nighthawk Services pays $400 cash to attend an event to promote business at a convention in January 28-Jan Nighthawk Services pays $490 cash for taxes 29-Jan Nighthawk Services pays employees $3,000 in salaries 30-Jan Nighthawk Services paid for $700 office supplies previously purchased on account 31-Jan Nighthawk Services has to prepare financial statements for the owner and the bank from which the funds were borrowed. January Month End Adjustments 31-Jan Nighthawk Services calculated $550 in depreciation 31-Jan Nighthawk Services owes January interest on the loan 31-Jan Nighthawk Services counted $500 in remaining supplies (on hand supplies) 31-Jan Nighthawk Services owes employees $1,500 in salaries for work performed in January Are there any other accounts that need adjusting?!! for B D E F G I H 1 J Debit Credit Debited Amount Credited Amount Transactions Journal Entries Ledger Balances Trial Balance Adjusting Entries Adjusted Ledger Balances Adjusted Trial A2 X
