XYZ Company is in the process of preparing financial statements for its year ended September 30, 2019. Below you will find selected balances from the September 30 unadjusted trial balance of the company. Account Debit Credit Computer system $62,000 Unearned fees Prepaid property taxes 4,000 Note receivable 10,000 Prepaid rent 23,100 Prepaid insurance 2,400 For each of the following independent transactions, prepare the necessary adjusting journal entries for the XYZ Consulting, whose year end is September 30, 2019: 1. The computer system was purchased on January 3, 2019 at a cost of $62,000. This system is expected to be in use for 5 years, and at the end of that time its estimated residual value is $2,000. The company uses the straight-line depreciation method and records depreciation to the nearest whole month. Record the journal entry for 2019 depreciation. And 2. The business received a cheque in the amount of $8,000 on September 3, 2019 as a deposit for XYZ to begin planning with regards to a large contract. The journal entry to record this deposit included a credit to consulting fees earned. By the end of November, 30% of the work related to this deposit was completed Date: Accounts Debit Credit 3. The balance in the office supplies asset account at October 1, 2018 was $800. During the 2019 fiscal year, supplies in the amount of $3,000 were purchased. Some of this amount was debited to supplies expense ($1,200) and the balance to the supplies account. When the supplies were counted on September 30, 2019, it was found that $1,000 of supplies were on hand Date: Accounts Debit Credit 4. The business must pay its property taxes for the 2019 calendar year by June 30, 2019. The amount of $4,000 for January to December 2019 is paid over 10 months, beginning September 1, 2018. These payments are debited to prepaid property taxes when they are paid Date: Accounts Debit Credit 5. The employees of XYZ are paid once each month, on the last day of each month. The wages earned by the employees for the month of September, 2019 are $22,000 Date: Accounts Debit Credit 6. On October 1, 2017, a 24-month insurance policy for 54,800 was purchased upon purchase was debited to insurance expense Date: Accounts Debit Credit 7. During the preparation of the September 30, 2019 bank reconciliation, it was found that $20 of service charges were charged by the bank when the bank statement was received in the mail on October 5, 2019 Date: Accounts Debit Credit 8. At September 30, 2019, the business had completed consulting services for clients in the amount of $12,000 that had not yet been recorded in the accounts or received Date: Accounts Debit Credit