Craig Ferguson Company has the following balances in selected accounts on December 31, selected data. 2014. All the accounts have normal balances. The information below has been gathered at December 31, 2014. 1. Craig Ferguson Company borrowed $20,000 by signing a 12%, one-year note on August 1, 2014. 2. A count of supplies on December 31, 2014, indicates that supplies of $900 are on hand. 3. Depreciation on the equipment for 2014 is $2,000. 4. Craig Ferguson Company paid $2,700 for 12 months of insurance coverage on May 1, 2014. 5. On November 1, 2014, Craig Ferguson collected $50,000 for consulting services to be performed from November 1, 2014, through March 31, 2015. 6. Craig Ferguson performed consulting services for a client in December 2014. The client will be billed $6,300. 7. Craig Ferguson Company pays its employees total salaries of $13,000 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 2014. Instructions: A. Prepare adjusting entries for the seven items described above. B. Prepare the 2015 entry for items 6 and 7