This project will be submitted in 3 parts. The submission dates and required parts to be completed for each submission are: Submission 1 - due Friday January 17 before 5pm - You must submit your completed Journal entries, the Worksheet complete through the Trial Balance (with totals for all columns), and the worksheet formulas tab complete through the Trial Balance. Your file must be named correctly - "Your name (first and last) Project 1 part 1. Failure to name your file correctly will result in a l point deduction Submission 2 - due Friday January 31 before 5pm - You must submit your completed Adjusting Journal Entries, the worksheet with the Trial Balance and adjustments and Adjusted Trial Balance Columns (with totals for all columns), and the Worksheet formulas tabs completed/redone. Your file must be named correctly - "Your name (first and last) Project 1 part 2. Failure to name your file correctly will result in a 1 point deduction Submission 3 - due Friday February 7 before 5pm - You must submit your completed Closing entries, the financial statements completed, and the financial statements formulas tab completed. Your file must be named correctly - "Your name (first and last) Project 1 part 3. Failure to name your file correctly will result in a 1 point deduction PARTIAL CREDIT FOR LATE SUBMISSION OF PARTS 1 AND 2 Because you will need to complete Part 1 to be able to complete Part 2 and complete Part 2 to complete Part 3 you may earn partial credit for an earlier part of the Project that you did NOT submit in a timely fashion when you submit the subsequent part of the project. For example, if you do not complete and submit Part 1 of the project by the due date you will lose the 10 points alloccated to that part of the project. If you complete that part of the project and submit it to the part 1 link before the final due date for the complete project, you can earn up to 50% of the possible points. There is NO late submission for part 3 of the project. YOU MUST USE FORMULAS AND CELL REFERENCES FOR INPUTS IN THE WORKSHEETS AND FINANCIAL STATEMENTS FOR YOUR PROJECT TO BE CONSIDERED FOR FULL CREDIT - SEE THE RUBRIC POSTED ON CANVAS PROJECT INFORMATION You have been hired as an accountant for AugFig Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on January 1, 2019. The company will have a fiscal year end of December 31. The initial formation transactions and early purchases for AugFig Consulting Inc, resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab) Amount Amount 6,850 11,760 003 interest rate During January, the first month of operations, the following transactions occurred: Date Event 1-Jan Purchased additional office supplies on account. 3-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months. Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 4-Jan years 8-Jan Paid for 12 months rent on office space 10-Jan Purchased office furniture. 14-Jan Paid for utilities 15-Jan Performed services for various customers for cash and on account. 26-Jan Paid salaries to employees for 1 week. 28-Jan Collected payments for amounts previously billed. 29. Jan Paid the bill for supplies purchased previously 31-Jan Dividends were declared and paid. At the end of January, the following additional information is available to help determine what adjustments are needed: 31-Jan One month of the prepaid rent has been used up 31. Jan One month of the services for Stanley Inc. has been performed (see above). 31-Jan Supplies were counted at month end 31-Jan One month of interest has accrued on the note payable for the bank loan. 31 Jan Additional work for customers has been performed during the last week of January but not billed yet 31-Jan Salaries are paid every Friday (for a 5 day work week). January 31, 2019 was a Tuesday 31-Jan Depreciation expense needs to be recognized for the computer equipment and for the office furniture 26,000 loan amt 8.100 11,260 2.340 9,750 cash 4,375 16,850 8.650 2,000 18950 on account Amount Amount 675 980 11120 4380 5480 4,375 185 comp equip 1750 135 off furn SUGGESTED STEPS FOR COMPLETION OF THE PROJECT: Prepare journal entries to record the January transactions given. Please refer to the Worksheet tab for Account Titles you may need. Add the January journal entry information to the Worksheet in the January columns. You can do this in one of 2 ways - (1) Post the journal entries to ledger accounts using T-accou totals to post to the worksheet or (2) use excel to add all entries for a particular account into the correct column in the worksheet (ie., add all cash debits from the journal entries into the cash debit column for January entries). There is a tab to use for T Accounts if you want but the T Accounts are NOT required Prepare an unadjusted trial balance as of January 31, 2019. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this. Excel formulas must be used throughout the project to obtain full credit. Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab.. Highlight the entire worksheet area and press the "ctrl key and the ","key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed Prepare adjusting entries for the month of January given the information provided. Post the adjusting entries to the Adjusting entries columns on the worksheet Prepare an adjusted trial balance as of January 31, 2019. This will be part of the Worksheet you prepare. There is a tab in this file that you will use for this Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab. Highlight the entire worksheet area and press the "ctrl" key and the ""key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed. Prepare financial statements for the month ending January 31, 2019. (Income Statement, Statement of Retained Earnings, Classified Balance Sheet). Formatting is important and will be graded so be sure you use dollar signs and underlines as appropriate. Also be sure you have headings and proper column usage for all statements. There is a tab for these statements. Heading are PARTIALLY completed for the 3 statements. Prepare closing entries for the end of the period Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab and the Financial Statements from the Financial Statements tab to the Financial Statements tab. Highlight the entire worksheet/financial statements area respecively and press the "ctrl key and the "-"key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed