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 Oct 31 Oct 31 Oct 31 Oct 31 Oct 31 Oct 31 Oct 31 Transactions Employee salaries will be paid on payday next week. Salaries owed to employees are $50,000 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 You received the Utility bill and will pay it November 15. The bill is $4,000 You need to depreciate the furniture the depreciation amount is $10,000 You need to depreciate the equipment the depreciation amount is $2,500 You have used up $2,000 of the office supplies from your office supply storeroom You completed a job for a client and will mail a bill. Nothing has been received for this job $22,000 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. You sent a bill for $31,000 to a client for rent due for the month of October. Nothing has been received before today. 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. Oct 31 Oct 31 Oct 31