This project will be completed in two parts. All answers should be submitted in the Excel template also attached to this module. Part 1 will contain a chart of accounts with opening account balances, list of business transactions, journaling all transactions into the general journal, and updating each account balance. Upon submission, your instructor will indicate which journal entries and/or T-Acct entries are incorrect. Part 2 will have you correct any mistakes and then complete the project. The remaining parts of the project will include preparing an adjusted trial balance, income statement, statement of retained earnings, balance sheet, closing entries, and post-closing trial balance. Dec. 1st-Collected $595 from Franklin from a previous engagement in Oct. Dec. 2nd-Paid $1,685 on Gusto's Inc. invoice from a previously recorded transaction with check #1301. Dec 3rd-Paid December rent of $2,290 with check #1302. Dec 4th-Completed additional work for Washington, sent invoice #Y77P for $1,562 due in 1 month. Dec. 5-Paid employee from work previously expensed in Nov. with payment due Dec. 5th using check #1303. Dec. 8th Purchased land on a note for $37,854 to be used for future construction of a new office building. Land and Notes payable will have account numbers of 150 and 240, respectively. Dec. 9th-Paid $1,472 to cover all utilities for the month of Dec using check #1304. Dec. 10th Completed $530 worth of work for a repeat customer who pays cash immediately upon completion. Dec. 11th Collected $882 from Washington from a previous engagement in Nov. - Dec. 12th Our employee earned two weeks of pay amounting to $1,600, to be paid Dec. 23rd