Crane Company has the following balances in selected accounts on December $31,2020.$

Accounts Receivable $$0$

Accumulated Depreciation$?$Equipment $10,000$

Interest Payable $0$

Notes Payable $15,000$

Prepaid Insurance $2,640$

Salaries and Wages Payable $0$

Supplies $3,400$

Unearned Service Revenue $49,000$

All the accounts have normal balances. The information below has been gathered at December $31,2020.$

$1.$ ? Crane Company borrowed $$15,000$ ?by signing a $12\%,$ ?one$-$year note on August $1,2020.$

$2.$ ? A count of supplies on December $31,2020,$ ?indicates that supplies of $$910$ ?are on hand

$3.$ ? Depreciation on the equipment for $2020$ ?is $$2,000.$

$4.$ ? Crane Company paid $$2,640$ ?for $12$ ?months of insurance coverage on May $1,2020.$

$5.$ ? On November $1,2020,$ ?Crane collected $$49,000$ ?for consulting services to be performed from November $1,2020,$ ?through March $31,2021$

$6.$ ? Crane performed consulting services for a client in December $2020.$ ?The client will be billed $$6,600.$

$7.$ ? Crane Company pays its employees total salaries of $$14,000$ ?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 $2020.$Prepare adjusting entries for the seven items described above. $($Credit account titles are automatically indented when the amount is

entered.

(a) Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1. Interest Expense Interest Payable 2. 3. 5. 6. 7.