Date	Transaction
1-Jan-20	Five friends decide to start a computer sales and repair store; start the company by issuing 100,000 shares with a par value of $1 sold to each friend for $3 each.
1-Jan-20	Realizing they are going to need more cash to run the business, the company obtained a long term bank loan for $200,000. Payments will not have to be made unitl the following year but interest will accrue at 2%
1-Jan-20	The new owners already had various transactions they had agreed on for the first day of operations; they are as follows:
	Equipment to diagnose customer computers was purchased for $122,000 cash. The equipment has a 10 year life and a $2,000 residual value
	Inventory to be sold to customers was purchased on credit for $50,000
	Supplies to be used for operations was purchased for cash of $10,000
	In order to get a good discount Store Rent was paid in full for the year; $24,000 cash was paid
	A friend of the owners who had another company paid them $6,000 cash upfront for a full year of monthly computer service
Companies typically record adjusting entries at the end of each month. In order to simplify this execise adjusting entries will be recorded on a quarterly basis.
Below please find the regular transactions for the first quarter. Don't forget to book the adjusting entries as well.
Quarter 1	Service revenue for $30,000 was provided; $20,000 was collected in cash and the remainder is still owed by the custormers
	Services for the $6,000 advance was also done for the quarter. Book this as an adjusting entry separately.
	Inventory at a cost of $10,000 was sold for $15,000 cash
	Employees earned $6,000 in wages for the quarter; paychecks for the quarter totalled $5,500 (i.e. the other $500 will be in next quarters first paycheck)
	$10,000 related to the inventory purchased on credit was paid to the supplier
	Adjusting entries:
	Accrue Interest, Depreciation, Prepaid Rent, Unearned Revenues, Supplies audit shows $8,000 remain.

I need the journal entries and the financial statements, income, balance sheet, and statement of cash flows