1. Identify and analyze each of the preceding transactions.
2. Prepare a list of accounts and their balances for Moonlight Bay at January 31, 2012. Reflect the recurring transactions for the month of January but not the necessary month-end adjustments.
3. Identify and analyze the necessary adjustments for each of the following:
3a. Depreciation of the house
3b. Depreciation of the furniture
3c. Interest on the promissory note
4. Prepare in good form the following financial statements:
4a. Income statement for the month ended January 31, 2012
4b. Balance sheet at January 31, 2012