#1 Required: a) Journalize the selected following transactions for ABC Sales and Service Company Inc. for 2019: July 1 - Alex B. Carter opened an incorporated company by investing $400,000 cash in his business. July 1 - Paid the first year's rent of $36,000. July 15 - Purchased $2,000 of supplies on credit. July 19 - Received $5,000 from a client for work to be started in November, 2019. The contract calls for $2,000 of work to be done each month from Nov 1, 2019 to Mar 31, 2020. The balance of the contract will be paid on Mar 31, 2020. Sept. 1 - Lent $5,000 to an employee (James Smith), accepting a 6-month, 12% note receivable. Oct. 16 - Signed a contract to sell $6,000 of product per month starting January 1, 2019. JE Review Case ABC has a December 31st year end. The following selected information is available on December 31, 2019: Supplies on hand = $400 Interest has accrued on the Sept 1st Note. Estimated warranty expense is 1% of total sales of $600,000 The allowance for doubtful accounts is estimated at 5 % of total Accounts Receivable of $80,000. The current balance in the Allowance is a $300 credit. After preparing a bank reconciliation, you identified reconciling items as: . Outstanding cheques of $750 . Bank error of $50 . EFT deposit from a customer for $250 EFT withdrawal for utilities of $175 Bank service charges of $35 Required: b) Using the above information and reviewing the transactions given in part a), journalize all adjustments that would be required on December 31, 2019. Show all calculations! No adjusting journal entries have been made to the accounts yet