11- Hwang Ltd. has the following balances in selected accounts on December 31, 2017.

Accounts Receivable

NT$-0-

Accumulated DepreciationEquipment

-0-

Equipment

210,000

Interest Payable

-0-

Notes Payable

240,000

Prepaid Insurance

63,100

Salaries and Wages Payable

-0-

Supplies

73,500

Unearned Service Revenue

900,000

All the accounts have normal balances. The information below has been gathered at December 31, 2017.

1. Hwang borrowed NT$240,000 by signing a 6%, 1-year note on October 1, 2017.

2. A count of supplies on December 31, 2017, indicates that supplies of NT$23,400 are on hand.

3. Depreciation on the equipment for 2017 is NT$30,000.

4. Hwang paid NT$63,000 for 12 months of insurance coverage on June 1, 2017.

5. On December 1, 2017, Hwang collected NT$900,000 for consulting services to be performed from December 1, 2017, through March 31, 2018.

6. Hwang performed consulting services for a client in December 2017. The client will be billed NT$117,000.

7. Hwang pays its employees total salaries of NT$270,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2017.

Instructions

Prepare annual adjusting entries for the seven items described above