Exercise 3-5 Verne Cova Company has the following balances in selected accounts on December 31, 2017 Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue $ 0 7,000 0 10,100 3,300 2,000 29,600 All the accounts have normal balances. The information below has been gathered at December 31, 2017 1. 2. 3. 4. 5. Verne Cova Company borrowed $10,100 by signing a 1296, one-year note on September 1, 2017. A count of supplies on December 31, 2017, indicates that supplies of $900 are on hand Depreciation on the equipment for 2017 is $1,500 Verne Cova Company paid $3,300 for 12 months of insurance coverage on June 1, 2017 On December 1, 2017, Verne Cova collected $29,600 for consulting services to be performed from December 1, 2017, through March 31, 2018. The company had performed 1/4 of the services by December 31 Verne Cova performed consulting services for a client in December 2017. The client will be billed $4,500 Verne Cova Company pays its employees total salaries of $8,500 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 2017 6. 7