Hi,

Im having a hard time with this home work question. Please do not just give me the answer.

Can someone please explain to me how to solve a problem like this?

Kingbird, Inc. has the following balances in selected accounts on December 31, 2020.

Accounts Receivable$ 0Accumulated Depreciation?Equipment0Equipment8,000Interest Payable0Notes Payable9,800Prepaid Insurance3,660Salaries and Wages Payable0Supplies2,600Unearned Service Revenue28,400

All the accounts have normal balances. The information below has been gathered at December 31, 2020.

1.Kingbird, Inc. borrowed $9,800by signing a12%, one-year note on September 1, 2020.2.A count of supplies on December 31, 2020, indicates that supplies of $900are on hand.3.Depreciation on the equipment for 2020 is $1,500.4.Kingbird paid $3,660for 12 months of insurance coverage on June 1, 2020.5.On December 1, 2020, Kingbird collected $28,400for consulting services to be performed from December 1, 2020, through March 31, 2021.6.Kingbird performed consulting services for a client in December 2020. The client will be billed $4,500.7.Kingbird pays its employees total salaries of $9,500every 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 2020.

List entries for the seven items described above.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Assignment URCES No. Account Titles and Explanation Debit Credit ents 1. deo) (Part c d1- 2 . Level 3. 4. 5. 6. 7