Pharoah Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable $0 Accumulated Depreciation-Equipment o Equipment 7,000 Interest Payable 0 Notes Payable 10,000 Prepaid Insurance 2,760 Salaries and Wages Payable 0 Supplies 2,200 Unearned Service Revenue 32,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Pharoah Company borrowed $10,000 by signing a 9%, one-year note on September 1, 2020. A count of supplies on December 31, 2020, indicates that supplies of $990 are on hand. 2. 3. Depreciation on the equipment for 2020 is $1,200. 4. 5. Pharoah Company paid $2,760 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Pharoah collected $32,000 for consulting services to be performed from December 1, March 31, 2021. The company had performed 1/4 of the services by December 31. Pharoah performed consulting services for a client in December 2020. The client will be billed $4,100. 6. 7. Pharoah Company pays its employees total salaries of $5,200 every Monday for the preceding 5-day week (M Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees wo days of 2020. Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Interest Expense 300 Interest Payable 300 2. Supplies Expense 1550 Supplies 1550 3. Depreciation Expense 1000 Accumulated Depreciation Equipment 1000 4. Insurance Expense 1225 4. Insurance Expense 1225 Prepaid Insurance 1225 5. Unearned Service Revenue 8000 Service Revenue 8000 6. Accounts Receivable 4200 Service Revenue 4200 7. Salaries and Wages Expense 5400 Salaries and Wages Payable 5400