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Waterway Corporation had the following selected transactions in the month of October. The company adjusts its accounts monthly. 1. At the end of October, Waterway had earned service revenue of $17,000 that it had not yet billed. The company billed the client for this amount on November 15. The client paid half of the balance owing on November 30 with the balance due in six months. 2. On October 31. Waterway determined it owed the government $27,000 in taves for the month of October. Waterway was required to pay the October income tax on Nowember 15. 3. Waterway charges interest of 12% on unpaid overdue invoices. On October 31 , the company had $62,000 in unpaid overdue invoices that were billed on September- 1 On November 1, the company collected the $62,000 plus interest charges of $620. 4. The company has a 3%,$424,000 taank loan payable due in two vears. Interest is payable on the first day of every month and was last paid on October 1 . 5. Waterway has four employees who eschearn $10 a day. Salaries are normally paid at the beginning and the middle of each month for a ten-day work period. Salaries were last paid on October 15 and will be paid next on November 3 . (a) For each of the above situations, prepare the adjusting journal entry repuired at October 31. (Credit account titles are cutomatically indented when amount is entered. Do not indent manuolly. List debit entry before credit entry. II no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Record journal entries in the onder presented in the problem.) For each of the above situations, prepare the adjusting journal entry required at October 31. (Credit account titles are outomoticolly indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry for the occount titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

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