a) Wingnut borrowed

Problem #3 Selected account balances BEFORE adjustment for Wingnut Co. at December 31, 2020 (end of the current year) are shown below: Debits Credits 100,000 9.700 7,500 125,600 37,500 250,000 Fees receivable Note receivable Interest receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Notes payable Salaries payable Interest Payable Unearned fees Unearned subscriptions revenue Fees earned Subscriptions revenue Interest Income Salary expense Interest Expense Insurance expense Depreciation expense Supplies expense 8,800 22,000 990,000 2,000 550.000 10,500 13,750 39, 250 Information regarding December 2020 adjusting entries: 2. Wingnut borrowed $250,000 @ 6% issuing a 120-day note payable dated December 16th, 2020 b. On May 1st Wingnut paid $18,000 for insurance coverage for the twelve month period commencing May 1st. HINT: Adjusting entries relative to this item have already been recorded for the months of May through November. c On November 1st Wingnut accepted $24,000 for annual subscriptions related to a monthly newsletter. HINT: An adjusting entriy relative to this item have already been recorded for the month of November. d. Wingnut accepted a 24%, $100,000, 90-day note receivable from LAMCO dated Dec, 2nd, 2020. On Friday January 3, 2021 Wingnut employees were paid $22,000 for the TWO five-day work week then ended f Wingnut had received a $8,800 cash advance on December 1st for services to be rendered over the four month period beginning December 1, 2020 and ending March 31, 2021 A pitiful LAM took an inventory of supplies at Dec. 31st claiming that $5,300 were on-hand. h. Depreciation on equipment for December 2020 was calculated to be $1,250 Required: Prepare the appropriate adjusting entries