Martin Towing Company is at the end of its accounting year, December 31, 2014. The following data that must be considered were developed from the companys records and related documents:

a.	On January 1, 2014, the company purchased a new hauling van at a cash cost of $24,100. Depreciation estimated at $2,200 for the year has not been recorded for 2014.
b.	During 2014, office supplies amounting to $840 were purchased for cash and debited in full to Supplies. At the end of 2013, the count of supplies remaining on hand was $350. The inventory of supplies counted on hand at December 31, 2014, was $450.
c.	On December 31, 2014, Lanies Garage completed repairs on one of the companys trucks at a cost of $1,190; the amount is not yet recorded and by agreement will be paid during January 2015.
d.	On December 31, 2014, property taxes on land owned during 2014 were estimated at $1,320. The taxes have not been recorded, and will be paid in 2015 when billed.
e.	On December 31, 2014, the company completed a contract for an out-of-state company for $7,500 payable by the customer within 30 days. No cash has been collected, and no journal entry has been made for this transaction.
f.	On July 1, 2014, a three-year insurance premium on equipment in the amount of $660 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1.
g.	On October 1, 2014, the company borrowed $9,600 from the local bank on a one-year, 15 percent note payable. The principal plus interest is payable at the end of 12 months.
h.	The income before any of the adjustments or income taxes was $39,000. The companys federal income tax rate is 30 percent. (Hint: Compute adjusted income based on (a) through (g) to determine income tax expense.)

10.

value: 1.00 points

Required information

2.	Prepare the adjusting entry required for each transaction at December 31, 2014. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)