Cullumber Company has the following balances in selected accounts on December $31.$

Accounts Receivable

$$0$

Accumulated Depreciation$-$Equipment

$0$

Equipment

$7,400$

Prepaid Insurance

$3,000$

Salaries and Wages Payable

$0$

Supplies

$3,200$

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

A count of supplies on December $31$ indicates that supplies of $$850$ are on hand.

Depreciation on the equipment for the year is $$1,000.$

Cullumber Company paid $$3,000$ for $12$ months of insurance coverage on June $1.$

Cullumber Company pays its employees total salaries of $$10,700$ 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 the year.