This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handing all the accounting work of El Consulting Services for the month of January 2020 Assume that you are the chief accountant for Els Consulting Services. During January, the business will use the same types of records and procedures that you loomed about Chapters through 6 The chant of accounts for Consulting Services has been expanded to include a few new scound Follow the instructions on the Requements tab to complete the accounting records for the many of DATE TRANSACTIONS Jan. 2. Purchased supplies for $14,000; issued Check 1015 2 Purchased a one-year insurance policy for $15,800 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 January 12 Issued Check 1017 for $7.200 to pay for special promotional advertising to new businesses on the local radia station during the month 17 Collected a total of 50,000 on account from credit customers during the second week of January 14 Returned supplies that were damaged for a cash refund of $1,500. 15 Sold services for $41.400 in cash and 54,600 on credit during the second week of January 20 Purchased supplies for $10,000 from White's, Inc. received Invoice 2384 payable in 30 days 20 Sold services for $25,000 in cash and 57.000 on credit during the third week of January 20 collected a 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 Chuck 1010 for $200 to pay for special promotional advertising to new business in the local newspaper 23 Received the monthly telephone bill for 52,050 and paid it with check 1020 28 collected a total of $3,200 on account from 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 1022 for $5,350 in payment of the monthly bill for utilities 29 told Services for $3,000 in cash and S5.500 on credit during the fourth week of January 31 Issued Checks 1023-1027 for 505,000 to pay the monthly salaries of the regular loyees and three parte workers 31 Issued Check 1028 for $20,000 for personal use 311 sud Chock 1020 for $100 to pay for maintenance services for the month 31 Durchased additional equipment for $30.000 from contemporary Equipoont company issued check 1030 for $20.000 and bought the rest on credit the equipent has five year life and no salvage value Return to que 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 $8.300 to pay for maintenance services for the month 31 Purchased additional equipment for $30.000 from contemporary Equipment Company issued Chuck 1030 for $20.000 and bought the root on credit. The equipment has a five year life and no salvage Value 31 sold services for 515,200 in each and $3,240 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 50,400 on hand 21 compute and record the adjustment for expared insurance for the month 31 Record the adjustment for one month of expired rent of $4,000 31 Record the adjustment for depreciation of 5183 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, 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 8. Stmt of OE tab: Prepare a statement of owner's equity 9. Balance Sheet tabi Prepare a balance sheet 10. Adjusting and Closing tnb, Record the adjusting entries and the closing entries in the general Journal 11. General Ledger tab Post the adjusting entries and the closing entries to the general ledger accounts 12. Post Closing tabs Prepare a postclosing trial batance, Complete this question by entering your answers in the tabs below. General Requirement Adjusting General Journal Worksheet Income and Closing Ledger Statement Semt of OE Bal Sheet Postclosing 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 Figure 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 8. Stmt or 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 entines and the closing entries in the general Journal 11. General Ledger tab: Post the adjusting entries and the closing entries to the general ledger account 12. Post Closing tab: Prepare a poutdosing trial balance. 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 Trayton Ell, Capital Totals DEBIT 11135000 500.000 100 000 400 000 1100.000 1 8 3 00 350.000 128/6 6700 132 35 000 132 350.00 This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handing all the accounting work of El Consulting Services for the month of January 2020 Assume that you are the chief accountant for Els Consulting Services. During January, the business will use the same types of records and procedures that you loomed about Chapters through 6 The chant of accounts for Consulting Services has been expanded to include a few new scound Follow the instructions on the Requements tab to complete the accounting records for the many of DATE TRANSACTIONS Jan. 2. Purchased supplies for $14,000; issued Check 1015 2 Purchased a one-year insurance policy for $15,800 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 January 12 Issued Check 1017 for $7.200 to pay for special promotional advertising to new businesses on the local radia station during the month 17 Collected a total of 50,000 on account from credit customers during the second week of January 14 Returned supplies that were damaged for a cash refund of $1,500. 15 Sold services for $41.400 in cash and 54,600 on credit during the second week of January 20 Purchased supplies for $10,000 from White's, Inc. received Invoice 2384 payable in 30 days 20 Sold services for $25,000 in cash and 57.000 on credit during the third week of January 20 collected a 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 Chuck 1010 for $200 to pay for special promotional advertising to new business in the local newspaper 23 Received the monthly telephone bill for 52,050 and paid it with check 1020 28 collected a total of $3,200 on account from 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 1022 for $5,350 in payment of the monthly bill for utilities 29 told Services for $3,000 in cash and S5.500 on credit during the fourth week of January 31 Issued Checks 1023-1027 for 505,000 to pay the monthly salaries of the regular loyees and three parte workers 31 Issued Check 1028 for $20,000 for personal use 311 sud Chock 1020 for $100 to pay for maintenance services for the month 31 Durchased additional equipment for $30.000 from contemporary Equipoont company issued check 1030 for $20.000 and bought the rest on credit the equipent has five year life and no salvage value Return to que 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 $8.300 to pay for maintenance services for the month 31 Purchased additional equipment for $30.000 from contemporary Equipment Company issued Chuck 1030 for $20.000 and bought the root on credit. The equipment has a five year life and no salvage Value 31 sold services for 515,200 in each and $3,240 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 50,400 on hand 21 compute and record the adjustment for expared insurance for the month 31 Record the adjustment for one month of expired rent of $4,000 31 Record the adjustment for depreciation of 5183 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, 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 8. Stmt of OE tab: Prepare a statement of owner's equity 9. Balance Sheet tabi Prepare a balance sheet 10. Adjusting and Closing tnb, Record the adjusting entries and the closing entries in the general Journal 11. General Ledger tab Post the adjusting entries and the closing entries to the general ledger accounts 12. Post Closing tabs Prepare a postclosing trial batance, Complete this question by entering your answers in the tabs below. General Requirement Adjusting General Journal Worksheet Income and Closing Ledger Statement Semt of OE Bal Sheet Postclosing 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 Figure 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 8. Stmt or 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 entines and the closing entries in the general Journal 11. General Ledger tab: Post the adjusting entries and the closing entries to the general ledger account 12. Post Closing tab: Prepare a poutdosing trial balance. 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 Trayton Ell, Capital Totals DEBIT 11135000 500.000 100 000 400 000 1100.000 1 8 3 00 350.000 128/6 6700 132 35 000 132 350.00