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Additional Information: Two employees have been hired, at a monthly salary of $2,300 each. One will start Jan 1 , the second will start Jan 16. PROJECT \# 1 - PART A Jan The following transactions occurred during January of the current year. 1 Paid 12 months insurance starting January 1,$5,100. 2 Paid 9 months rent starting January 1,$3,600. 3MBC borrows $36,000 cash from National State Bank at 6% annual interest; this note is payable in two years. 4 A new oven is purchased using cash. The total cost was $24,000. 5 Stockholders contribute $7,000 of additional cash to MBC for its common stock. 6 Additional supplies costing $1,100 are purchased on account and received. 7 Accounts receivable of $600 is collected from December sales. 8 Accounts payable of $200 is paid from December purchases. 9 Performed services for customers on account, sending invoices totaling $10,900. 10 Performed services for customers totaling $7,500 who paid in cash. 16 Salaries totaling $1,150 were recorded and paid for the first half of the month. 20MBC received $3,800 from a customer for an advance order for services to be provided later in Jan \& Feb. 25 Accounts receivable of $4,800 is collected from customer on account from January 9. PROCESS (steps to follow): **Each tab also contains these instructions and any additional information needed.** REQUIRED FOR POINTS Part A: 1 Record journal entries for the transactions dated January 1-25 of the current year on the journal entry form (separate tab). 2 Create a T-account for every account used to date by MBC on the T-account tab (There are extra). Correctly post any beginning balances. Post each of the journal entries to the correct T-account using linking/referencing functionality. See example video as needed. Using the math functionality in Excel/Sheets, calculate the correct SUBTOTAL balance for each T-account. Adjusting journal entries for Part B will be posted 3 after this subtotal. Use of the basic reference/linking function and math functionality in Excel/Sheets must be included to the fullest extent possible to earn full project points. Referencing 'answer' cells (T-accounts) back to 'input' cells (Journal entries) creates a functioning, effective worksheet. The Google Sheet can be shared with me and/or the Excel worksheet can be placed in the Assignment folder in D2L

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