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 abqut 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 $2223.$

January $28$ Sent Check $1022$ for $$5,350$ in payment of the monthly bill for utilities.

January $29$ Sold services for $$38,000$ in cash and $$5,500$ on credit during the fourth week of January.

January $31$ Issued Checks $1023-1027$ for $$65,600$ to pay the monthly salaries of the regular employees and three part$-$time workers.

January $31$ Issued Check $1028$ for $$24,000$ for personal use.

January $31$ Issued Check $1029$ for $$8,300$ to pay for maintenance services for the month.

January $31$ 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.

January $31$ Sold services for $$15,200$ in cash and $$3,240$ on credit on January $31.$ ADJUSTMENTS

January $31$ Compute and record the adjustment for supplies used during the month. An inventory taken on January $31$ showed supplies of $$9,400$ on hand.

January $31$ Compute and record the adjustment for expired insurance for the month.

January $31$ Record the adjustment for one month of expired rent of $$4,000.$

Analyze: Answer the questions on the Analyze tab to compare the January $31$ balance sheet you prepared with the Dece balance sheet 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$[[$General$],[$Ledger$]],$Worksheet,$\backslash$table$[[$Income$],[$Statement$]],\backslash$table$[[$Statement$],[$of Owner$],[$Equity$]],\backslash$table$[[$Balance$],[$Sheet$]],$Postclosing,Analyze$]]$

Compare the January $31$ balance sheet you prepared with the December $31$ balance sheet shown in Figure $6\mathrm{.}4.$

What changes occurred in total assets, liabilities, and the owner's ending capital?

What changes occurred in the Cash and Accounts Receivable accounts?

Has th