This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Eli's Consulting Services for the month of January $202.$

Assume that you are the chief accountant for Eli'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 Eli's Consulting Services has been expanded to include a few new accounts. Follow the instructions on the Requirements tab to complete the accounting records for the month of January.

DATE TRANSACTIONS

January $2$ Purchased supplies for $$14,000$; issued Check $1015.$

January $2$ Purchased a one$-$year insurance policy for $$16,800.$

January $7$ Sold services for $$30,000$ in cash and $$20,000$ on$.$ credit during the first week of January.

January $12$ Collected a total of $$8,000$ on account from credit customers during the first week of January.

January $12$ Issued Check $1017$ for $$7,200$ to pay for special promotional advertising to new businesses on the local radio station during the month.

January $13$ Collected a total of $$9,000$ on account from credit customers during the second week of January.

January $14$ Returned supplies that were damaged for a cash refund of $$1,500.$

January $15$ Sold services for $$41,400$ in cash and $$4,600$ on credit during the second week of January.

January $20$ Purchased supplies for $$10,000$ from White's, Incorporated; received Invoice $2384$ payable in $30$ days.

January $20$ Sold services for $$25,000$ in cash and $$7,000$ on credit during the third week of January.

January $20$ Collected a total of $$11,200$ on account from credit customers during the third week of January.

January $21$ Issued Check $1018$ for $$14,130$ to pay for maintenance work on the office equipment.

January $22$ Issued Check $1019$ for $$7,200$ to pay for special promotional advertising to new businesses in the local newspaper.

January $23$ Received the monthly telephone bill for $$2,050$ and paid it with Check $1020.$

January $26$ Collected a total of $$3,200$ on account from credit customers during the fourth week of January.

January $27$ Issued Check $1021$ for $$6,000$ to office Plus as payment on account for Invoice $2223.$

Januarv $28$ Sent Check $1022$ for $$5\mathrm{.}350$ in davment of the monthlv bill for utilities.

tor the new equipment will be recorded in February.

Required:

General Ledger tab: Enter the account balances for January $1,202$ from the postclosing trial balance prepared on December $31,20$X$1,$ which appears in Figure $6\mathrm{.}3.$

General Journal tab: Analyze each of the transactions listed for January and record it in the general journal.

General Ledger tab: Post the transactions to the general ledger accounts.

Worksheet tab: Prepare the Trial Balance section of the worksheet.

Worksheet tab: Prepare the Adjustments section of the worksheet using the adjusting transactions.

Worksheet tab: Complete the worksheet.

Income Statement tab: Prepare an income statement for the month.

Statement of Owner's Equity tab: Prepare a statement of owner's equity.

Balance Sheet tab: Prepare a balance sheet.

Adjusting and Closing tab: Record the adjusting entries and the closing entries in the general journal.

General Ledger tab: Post the adjusting entries and the closing entries to the general ledger accounts.

Post Closing tab: Prepare a postclosing trial balance.

Analyze:

Answer the questions on the Analyze tab to compare the January $31$ balance sheet you prepared with the December $31$ balance sheet shown in Figure $6\mathrm{.}4.$

FIGURE $6\mathrm{.}3$ Postclosing Trial Balance

Eli's Consulting Services

Postclosing Trial Balance

December $31,20$x$1$

M Gmail

:$.$ YouTube

E Maps

FIGURE $6\mathrm{.}4$ End$-$of$-$Month Financial Statements

Revenue

Fees Income

Expenses

Salaries Expense

Utilities Expense

Supplies Expense

Rent Expense

Depreciation Expense$-$Equipment

Total Expenses

Net Income for the Month

Eli's Consulting Services

Income Statement

Month Ended December $31,20$X$1$

Month Ended December $31,20$X$1$

Analyze:

Answer the questions on the Analyze tab to compare the January $31$ balance sheet you prepared with the December $31$ balance she shown in Figure $6\mathrm{.}4.$

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[$Requirement$,\backslash$table$[[$General$],[$Journal$]],\backslash$table$[[$Adjusting$],[$and Closing$]],\backslash$table