Exercise 3-5 Whispering Winds Corp. has the following balances in selected accounts on December 31. 2019. Accounts Receivable $ 0 Accumulated Depreciation-Equipment Equipment 7,000 Interest Payable Notes Payable 10,100 Prepaid Insurance 2,700 Salaries and Wages Payable Supplies Unearned Service Revenue 31,200 All the accounts have normal balances. The information below has been gathered at December 31, 2019. 1. whispering winds Corp. borrowed $10,100 by signing a 12%, one-year note on September 1, 2019. 2. A count of supplies on December 31, 2019, indicates that supplies of $960 are on hand. Depreciation on the equipment for 2019 is $1,300. 3. Whispering Winds Corp. paid $2,700 for 12 months of insurance coverage on June 1, 2019. 5. On December 1, 2019, Whispering Winds Corp. collected $31,200 for consulting services to be performed from December 1, 2019, through March 31, 2020 4. 6. Whispering Winds Corp. performed consulting services for a client in December 2019. The client will be billed $3,700. 7. Whispering Winds Corp. pays its employees total salaries of $6,000 every Monday for the preceding S-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 indented when the amount is entered. Do not No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7