Metlock Company has the following balances in selected accounts on December 31, 2022.

Accounts Receivable

$ 0

Accumulated DepreciationEquipment

0

Equipment

7,840

Interest Payable

0

Notes Payable

11,200

Prepaid Insurance

2,352

Salaries and Wages Payable

0

Supplies

2,744

Unearned Service Revenue

33,600

All the accounts have normal balances. The following information has been gathered at December 31, 2022.

1. Metlock Company borrowed $11,200 by signing a 12%, one-year note on September 1, 2022. Interest will be paid when the note is repaid.

2. A count of supplies on December 31, 2022, indicates that supplies of $1,008 are on hand.

3. Depreciation on the equipment for 2022 is $1,120.

4. Metlock paid $2,352 for 12 months of insurance coverage on June 1, 2022.

5. On December 1, 2022, Metlock collected $33,600 for consulting services to be performed evenly from December 1, 2022, through March 31, 2023.

6. Metlock performed consulting services for a client in December 2022. The client will be billed $4,704.

7. Metlock pays its employees total salaries of $10,080 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 2022.

Prepare adjusting entries for the seven items described above. Metlock prepares adjustments annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

1.

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2.

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3.

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4.

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5.

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6.

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7.

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