Exercise 3-5 Monty Corp. has the following balances in selected accounts on December 31, 2019. Accounts Receivable $ 0 Accumulated DepreciationEquipment 0 Equipment 8,000 Interest Payable 0 Notes Payable 9,800 Prepaid Insurance 3,180 Salaries and Wages Payable 0 Supplies 2,100 Unearned Service Revenue 28,000 All the accounts have normal balances. The information below has been gathered at December 31, 2019. 1. Monty Corp. borrowed $9,800 by signing a 12%, one-year note on September 1, 2019. 2. A count of supplies on December 31, 2019, indicates that supplies of $950 are on hand. 3. Depreciation on the equipment for 2019 is $1,600. 4. Monty Corp. paid $3,180 for 12 months of insurance coverage on June 1, 2019. 5. On December 1, 2019, Monty Corp. collected $28,000 for consulting services to be performed from December 1, 2019, through March 31, 2020. 6. Monty Corp. performed consulting services for a client in December 2019. The client will be billed $4,000. 7. Monty Corp. pays its employees total salaries of $7,000 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 2019. Prepare adjusting entries for the seven items described above.