$20, 000 and bought the rest on credit.

$20, 000 and bought the rest on credit. The equipment has a five-year life and no salvage value. 31 Sold services for $15, 200 in cash 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 $9, 400 on hand. 31 Compute and record the adjustment for expired insurance for the month. 31 Record the adjustment for one month of expired rent of $4, 000. 31 Record the adjustment for depreciation of $183 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, 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 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.

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