Exercise 3-5 Splish Brothers Inc. has the following balances in selected accounts on December 31, 2019. $0 0 7,000 0 Accounts Receivable Accumulated Depreciation Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salanes and Wages Payable Supplies Uneared Service Revenue 9,800 2,820 0 2,700 31,200 All the accounts have normal balances. The information below has been gathered at December 31, 2019. 1. 2 3. va in w Splish Brothers Inc borrowed $9,800 by signing a 12%, one-year note on September 1, 2019. A count of supplies on December 31, 2019, indicates that supplies of $850 are on hand. Depreciation on the equipment for 2019 is $1,900. Splish Brothers Inc paid $2,820 for 12 months of insurance coverage on June 1, 2019 On December 1, 2019, Splish Brothers Inc. collected $31,200 for consulting services to be performed from December 1, 2019, through March 31, 2020, Splish Brothers Inc. performed consulting services for a client in December 2019. The client will be billed $4,200. Splish Brothers Inc. 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 2019. 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. Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Buildings Cash Common Stock Depreciation Expense Dividends Equipment Insurance Expense Interest Expense Interest Payable Land Maintenance and Repairs Expense Mortgage Payable No Entry Notes Payable Owner's Capital Owner's Drawings Prepaid Advertising Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Subscription Revenue Supplies Supplies Expense Ticket Revenue Unearned Rent Revenue Unearned Service Revenue Unearned Subscription Revenue Unearned Ticket Revenue Utilities Expense