Novak Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable $0 Accumulated Depreciation-Equipment 10,000 Interest Payable 0 Notes Payable 17,000 Prepaid Insurance 2,640 Salaries and Wages Payable 0 Supplies 3,300 Unearned Service Revenue 47,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Novak Company borrowed $17,000 by signing a 12%, one-year note on August 1, 2020. 2. 3. A count of supplies on December 31, 2020, indicates that supplies of $860 are on hand Depreciation on the equipment for 2020 is $2,000. 4. 5. 6. 7. Novak Company paid $2,640 for 12 months of insurance coverage on May 1, 2020. On November 1, 2020, Novak collected $47,000 for consulting services to be performed from November 1, 2020, through March 31, 2021 Novak performed consulting services for a client in December 2020. The client will be billed $6,800. Novak Company pays its employees total salaries of $13,000 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 2020. (a) Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 5. 6. 7.