Accounting

Prepare the ledger entries for the following transactions

Jan 2	An amount of $66,000 was paid as advance rent for three months.
Jan 3	Paid $76,000 cash on the purchase of equipment costing $120,000. The remaining amount was recognized as a one year note payable with interest rate of 15%.
Jan 4	Purchased office supplies costing $23,500 on account (credit).
Jan 13	Provided services to its customers and received $84,500 in cash.
Jan 13	Paid the accounts payable on the office supplies purchased on January 4.
Jan 14	Paid wages to its employees for first two weeks of January, aggregating $19,100.
Jan 18	Provided $64,100 worth of services to its customers. They paid $25,900 and promised to pay the remaining amount.
Jan 23	Received $34,300 from customers for the services provided on January 18.
Jan 25	Received $8,000 as an advance payment from customers.
Jan 26	Purchased office supplies costing $25,200 on account (credit).
Jan 28	Paid wages to its employees for the third and fourth week of January: $39,100.
Jan 31	Paid $7,500 as dividends.
Jan 31	Received electricity bill of $44,570.
Jan 31	Received telephone bill of $25,594.
Jan 31	Paid miscellaneous expenses $ 55,500

The following are the adjusted entries at the end of month for January 2022:

a) The equipment costing $120,000 has useful life of 5 years and its estimated salvage $ 20,000. Depreciation is provided using the straight line depreciation method.

b) The interest rate on $44,000 note payable is 15%. Accrue the interest for one month.

c) $5,000 worth of service has been provided to the customer who paid advance amount of $8,000.