for the following transactions. Omit Question 2 Prepare adjusting entries explanations 1. Accrued interest on notes receivable is $95 2. Unearned revenues earned totals $2,000. 3. Four months' rent, totalling S60,000, was paid in advance one month prior to the end of the year. Services totalling $2,100 had been performed but not yet billed at the end of the year. Equipment purchased two years ago for $18,000 had an estimated useful life of 4 years. The balance in the Supplies account was $690 at the beginning of the year. By year end, only $100 in supplies remained Salaries owed to employees at the end of the year total $1,000. 4. 5. 6. 7