The Eagles Inc. was started on September 1, 2022, and was formed by two people--John and Mike. You are asked to go through the entire accounting cycle and prepare the books for the Month of September. The following transactions occurred in September of 2022: Prepare only the transaction Journal Entries in this part

09-01

Stockholders invested $160,000 cash in exchange for Common Stock. There were 20,000 shares of $3.00 par Common Stock issued at a market price of $8.00 per share.

09-02

Cash of $90,000 was received from clients in advance. Two-thirds (use a fraction) of this amount relates to services that will be provided and completed (earned) by the end of September and the other one-third relates to services to be performed in October. Record ONLY the transaction journal entry with the $90,000 on 09-02. The company uses the REGULAR method to record this transaction

09-02

Four months of liability insurance of $40,000 was paid in advance. The company uses the ALTERNATIVE method to record this transaction. Record ONLY the transaction journal entry on 09-02.

09-02

Bought new Equipment for $300,000 and signed a two-year note payable for that amount with an annual interest rate of 5%. The equipment was in use for one full - month. No re-payment is due on the note until October, but one month's interest will accrue during the month of September. Record ONLY the transaction journal entry on 09-02.

09-08

Billed clients $50,000 for services that were performed and the obligation was completed in September. The company has not received any cash payments on this date.

09-16

Collected $30,000 from the clients billed on September 8.

09-19

Miscellaneous expenses for the month were $12,000, paid in cash.

09-23

Paid salaries of $5,000 to employees who earned them for the first three weeks of September.

09-22

Bought supplies on credit for $9,000. These supplies have not yet been used and the company records supplies using the REGULAR method.

09-28

The Company declared a $7,000 cash dividend on this date. It will not be paid until October.

Additional Information: (Use this information to prepare the SIX adjusting journal entries for the MONTH of September) 

-The Equipment is expected to last for ten years, with a $30,000 salvage value at the end of the period. 

-$6,000 of the total supplies are still on hand at month's end. 

-The company owes its employees $2,000 for salaries they earned during the last week of September. These salaries will be paid in October. 

Three more adjusting entries are also needed based on the three transactions that took place on January 2.