Exercise 3-05 (Video) Blossom Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable $ 0 Accumulated Depreciation Equipment 0 Equipment 8,000 Interest Payable 0 Notes Payable 11,000 Prepaid Insurance 2,160 Salaries and Wages Payable 0 0 Supplies 3,000 Unearned Service Revenue 32,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. 2. 3. 4. Blossom Company borrowed $11,200 by signing a 9%, one-year note on September 1, 2020. A count of supplies on December 31, 2020, indicates that supplies of $870 are on hand. Depreciation on the equipment for 2020 is $1,400. Blossom Company paid $2,160 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Blossom collected $32,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31. Blossom performed consulting services for a client in December 2020. The client will be billed $4,400. Blossom Company pays its employees total salaries of $5,500 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. 5. 6. 7. Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 5. Activate Windows Go to Settings to activate Windows. 6. search W 6:09 PM 3/23/2021 Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7. Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE Activate Windows Go to Settings to activate Windows Question Attempts: Unlimited SAVE FOR LATER SUBMIT ANSWER search O J' 1 6:09 PM 3/23/2021