This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Ell's Consulting Services for the month of January 2020. Assume that you are the chief accountant for Ell's Consulting Services, During January, the business will use the same types of records and procedures that you learned about in Chapters 1 through 6. The chart of accounts for Ell's Consulting Services has been expanded to inselude a few new accounts. Follow the instructions on the Requirements tab to complete the accounting records for the month of January Ches DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1915. 2. Purchased a one-year insurance policy for $16,800 7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January 12 collected a total of $8,000 on account from credit customers during the first week of January. 12 Issued Check 1817 for $7,200 to pay for special promotional advertising to new businesses on the local radio 11 collected a total of 89,000 on account from credit customers during the second week of January 14 Returned supplies that were damaged for a cash refund of 51, 500 35 sold services for $41,400 in cash and $4,600 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 Check 1019 for $7.200 to pay for special promotional advertising to new businesses in the local newspaper 23 Received the monthly telephone bill for $2,050 and paid it with Check 1020 20 collected a total of $3,200 on account from credit customers during the fourth week of January 27 Issund Check 1021 for $6,000 to Office Plus as payment on account for Invoice 2223 20 Sant Check 1022 for $5,150 in payent of the monthly bill for utilities 20 Sold services for $30,000 in cash and 55.500 on credit during the fourth week of January 13 Issued Checks 1023-1027 for $65.000 to pay the monthly salaries of the regular employees and three part-time 3d Check 12 for 24,000 for personal use 31 dhe 1929 for 58,300 to pay for saintenance services for the sonth 1 Purchestional pent for 530.000 from contemporary Equipment Company issued Check 1030 for $20,000 and boot the sto creditThe equipent has a five-year life and no salvage value 31 Salt er for 515,200 10 cash and 53,240 on credit on January 31 30 JUSTMENTS trecoes the tent for supolis sed during the month an inventory taken on January 1 showed 1113 14.30 to pay tor maintenance work on the orice equipment. 22 Issued Check 1019 for $7.200 to pay for special promotional advertising to new businesses in the local newspaper 23 Received the monthly telephone bill for $2,950 and paid it with Check 1020 26 collected a total of $3,200 on account from credit customers during the fourth week of January 27 Issued Check 1021 for $8,000 to office Plus as payment on account for Invoice 2223. 21 Sent Check 1022 for $5.350 in payment of the monthly bill for utilities 20 Sold services for $38,000 in cash and $5,500 on credit during the fourth week of January 11 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 1020 for $3,500 to pay for maintenance services for the month. Purchased additional equipment for $30,000 from contemporary Equipment Company; issued check 1030 for $20,000 and bought the rest on credit. The equipment has a five-year life and no salvage value 31 Sold services for 515,200 in cash and $3,240 on credit on January 31. ADJUSTMENTS Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed ultes of $9.400 on hand 31 Compute and record the adjustment for expired insurance for the month 31 Record the adjustsent for one month of expired rent of $4.000 21 Record the adjustsent for depreciation of $133 on the old equipment for the month. The first adjustment for deprecation 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, 20x1, which appears in Figure 63 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 tabs 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 tab: Prepare a balance sheet. 10. Adjusting and Closing tab: 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 tab: Prepare a postclosing trial balance Complete this question by entering your answers in the tabs below. General Adjusting General Income Requirement Worksheet Stmt of OE Bal Sheet Postclosing Analyze Journal and Closing Ledger Statement 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 of OE tab: Prepare a statement of owner's equity, 9. Balance Sheet tab: Prepare a balance sheet. 10. Adjusting and Closing tabi 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 tab: Prepare a postdosing trial balance. Show less