Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry. 2. Employees are paid every other Monday for the previous 2-week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2 week period of January 12-25. Each employee works 8 hours a day, Monday through Friday and earns $22 per hour. The company has 25 employees. The company prepares financial statements on a monthly basis. Prepare the necessary adjusting entry. Instructions for Transaction Analysis and Journal Entries and Alphabetical List of Specific Account Names Step 1: Analyze the transaction Analyze each transaction and fill in the table below. Transaction Analysis Table Amount Debitor Credit Increase or Decrease Date Type of Account Specific Account 0.5.20 acer o C N CSC space Step 1: Analyze the transaction Analyze each transaction and fill in the table below. Transaction Analysis Table Date Specific Account Type of Account Increase or Decrease Debit of Credit Amount Save Submit 0 5:20 acer c