Trial Balance Summary Prepare journal entries for each of the attached transactions.

Post each of the journal entries to related T$-$accounts.

Prepare a trial balance at the end of the month.

Prepare any necessary adjusting entries.

Prepare an adjusted trial balance.

Prepare Shipping Inc.$\text{'}$s Income Statement for the month ended January $31,2024.$

Prepare Shipping Inc.$\text{'}$s January $31$ closing entries.

Prepare Shipping Inc.$\text{'}$s January $31$ post$-$closing trial balance.

Prepare Shipping Inc.$\text{'}$s Statement of Retained Earnings for the month ended January $31,$

$2024,$ and their Balance Sheet as of January $31,2024.$ Shipping Inc.$\text{'}$s transactions during January $2024$:

Jan. $1-$ Purchased inventory costing $76,000$ on credit.

Jan. $1-$ Purchased a delivery van for $$42,000$ in cash. Monthly depreciation for the van is

$$700.$

Jan. $1-$ Paid $$9,000$ for a two$-$year insurance policy covering the period January $1,2024$

through December $31,2025.$

Jan. $5-$ Purchased $$6,200$ of supplies using cash.

Jan. $11-$ Paid $$72,500$ to its suppliers for inventory purchased on credit in December

Jan. $18-$ Performed repairs and maintenance on their equipment costing $$3,500($paid in

cash$).$

Jan. $20-$ Declared and paid $$8,200$ in dividends to its shareholders. Shipping Inc. elected

to debit Retained Earnings for the dividend.

Jan. $25-$ Delivered goods for which a customer had prepaid $$5,000($the full sales price$)$

in December of $2023.$ The cost of goods sold was $$2,750($hint: see the Deferred Revenue

account in the January $1,2024$ trial balance$).$

Jan. $31-$ Paid its employees $$48,000$ for work performed from December $25-$ January

$$8,000$ was for work performed in December $2023,$ and $40,000$ was for work

performed from January $1-$ January $26,2024.$

During January Shipping Inc. collected $$144,700$ in accounts receivable. $($Make a

summary entry for the entire month$).$

During January Shipping Inc. made credit sales for $$189,000.$ The cost of the goods sold

was $$102,400($Make summary entries for the entire month$).$

Other information:

At the end of January $2024,$ Shipping Inc. had $$4,100$ of supplies on hand.

Monthly depreciation for the Furniture & Fixtures is $$550,$ and monthly depreciation for

the equipment is $$1,200.$

The note payable for $$60,000$ is an $8-$year note that matures on December $31,2029.$ The

interest on the note is $7\%$ and is payable annually on each December $31$ st$.$ Shipping Inc.

made their regularly scheduled interest payment of $$4,200$ on December $31,2023.$

During the period January $27-$ January $31$ employees earned an additional $$6,500$ which

will be included in their February paycheck.

At the end of January $2024,$ Shipping Inc. had $23$ months of prepaid insurance remaining.

As of January $1,2024$