In this lab we will continue with analyzing and journalizing transactions and now we will be using adjusting entries. Below is a list with a few transactions. Use the Journal page provided in the lab folder to journalize these transactions. Use the Chart of Accounts provided in the lab folder to determine the account names you will use. You do not need to include a description with your journal entry. When you have completed these Journal Entries, save the file and upload it using the link. Date Transactions Sept 30 Sent a bill to a client because you completed a service for them. Nothing has been paid as of today and all contracted work is complete. $50,000 Sept 30 Checked the office supply inventory and find that $5,000 in office supplies have been used up Sept 30 Employee salaries will be paid on payday next week. Salaries owed to employees are $50,000 Sept 30 On July 1, a client had paid cash upfront to rent some office space from you. On July 1 you recorded the transaction as a debit to Cash and a credit to Unearned Revenue. Now the client has been using the office space for the last 3 months. The rent is $2,000 per month for a total of $6,000 earned as of Sept. 30 Sept 30 You have a note payable with the bank and it accrues interest at 6% which is paid once per year. This interest will be paid Dec. 31 but you want to match this month's interest expense to the month of September. In September the interest expense is $1.500 Sept 30 You send a bill to a client for September rent in the amount of $3,000 Sept 30 You received the Utility bill and will pay it October 15. The bill is $5,000 Sept 30 You receive the property tax assessment and bill form the county. You will pay the tax expense in January next year. The taxes total $45,000 Sept 30 You completed a service for a client. The client has already paid you for the service several months ago and you recorded it as Unearned Revenue. Now $43,000 worth of service are complete Sept 30 You need to depreciate the furniture the depreciation amount is $10,000 Sept 30 You need to depreciate the equipment the depreciation amount is $2,500 Your Company Chart of Accounts Balance Sheet and Retained Earnings Statement Accounts Liabilities Stockholders' Equity Assets 301 Common Stock 311 Retained Earnings 321 Dividends 201 Accounts Payable 211 Taxes payable 231 Notes Payable 241 Unearned Revenue 251 Salaries Payable 261 Interest Payable 101 Cash 151 Accounts Receivable 152 Office Supplies 161 Prepaid Rent 171 Prepaid Insurance 172 Land 173 Building 174 Furniture 175 Accumulated Depreciation - Furniture 191 Computers 195 Equipment 196 Accumulated Depreciation - Equipment Income Statement Accounts (part of Equity) Revenues 401 Service Revenue 411 Rental Revenue 421 Sales Revenue Expenses S01 Rent Expense 511 Tax Expense 521 Salaries Expense 531 Utilities Expense 541 Interest Expense 551 Depreciation Expense Furniture 552 Depreciation Expence Equipment 561 Cost of Goods Sold 571 Miscellaneous Expense 581 Office Supplies Expense