Lab 8 Additional Adjusting Entries to Journalize In this lab we will continue with analyzing and journalizing adjusting entries. IN Lab 7 we journalized transactions for September and now we will do the same for October. Yes, many are the same. Rent and insurance and sometimes even contracted revenues may not change from month to month. 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 Oct 31 Employee salaries will be paid on payday next week. Salaries owed to employees are $50,000 Oct 31 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 October. In October the interest expense is $1.500 Oct 31 You received the Utility bill and will pay it November 15. The bill is $4,000 Oct 31 You need to depreciate the furniture the depreciation amount is $10,000 Oct 31 You need to depreciate the equipment the depreciation amount is $2,500 Oct 31 You have used up $2,000 of the office supplies from your office supply storeroom Oct 31 You completed a job for a client and will mail a bill. Nothing has been received for this job $22,000. Oct 31 In September you received cash of $32,000 and posted it to Unearned Revenue for a job that you completed in October. The October Service Revenue for the completed job is $32,000 Oct 31 You sent a bill for $31,000 to a client for rent due for the month of October. Nothing has been received before today. Oct 31 During the month of October, you completed $20,000 of service for a client. You received the cash from the client in August and at that time credited Unearned Revenue. Lab 7 Your Company Chart of Accounts Balance Sheet and Retained Earnings Statement Accounts Liabilities Assets Stockholders' Equity 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 201 Accounts Payable 211 Taxes payable 231 Notes Payable 241 Unearned Revenue 251 Salaries Payable 261 Interest Payable 301 Common Stock 311 Retained Earnings 321 Dividends Income Statement Accounts (part of Equity) Revenues 401 Service Revenue 411 Rental Revenue 421 Sales Revenue Expenses 501 Rent Expense 511 Tax Expense 521 Salaries Expense 531 Utilities Expense 541 Interest Expense 551 Depreciation Expense- Furniture 552 Depreciation Expense-Equipment 561 Cost of Goods Sold 571 Miscellaneous Expense 581 Office Supplies Expense