This comprehensive problem is a continuation of Comprehensive Problem 1. Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions Jan. 3 Collected $1,000 cash from customer on account 5 Purchased office supples on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, 32,500. 18 Performed delivery services on account, 5950. 20 Paid $200 on account 24 Purchased fuel for the truck, paying $250 cash 27 Completed the remaining work due for Unearned Revenue, 28 Paid officer, 51,600, for the month of January 30 Collected 53,200 in advance for delivery service to be performed later 31 Magness withdrew Cash of 2.000 Requirements 1. Record each January transaction in the journal. Explanations are not required. 2. Post the transactions in the T-accounts. Don't forget to use the December 31, 2016, ending I balances as appropriate 3. Prepare an unadjusted trial balance as of January 31, 2017 4. Journalize the adjusting entries using the following adjustment data and also by reviewing the joumal entries prepared in Requirement 1. Post adjusting entries to the T-accounts Adiustment data: a. Office Supplies on hand, $120. b. Accrued Service Revenue, $1,200. c. Accrued Salaries Expense, $1,000 d. Prepaid Insurance for the month has expired. e. Depreciation was recorded on the truck for the month. 5. Prepare an adjusted trial balance as of January 31, 2017 6. Prepare Magness Delivery Service's income statement and statement of owner's equity for the month ended January 31, 2017, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount that is, the largest expense first, the smallest expense last