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IPA Adjusting Entries Revisited - Problem 1 Anastasia Lopez Designs, LLC has the following balances in selected accounts on December 31, 2017 Accounts Receivable $0 Accumulated Depreciation - Equipment 0 Cutting Equipment 6,650 Interest Payable 0 Notes Payable 20,000 Prepaid Insurance 2,400 Salaries Payable Supplies 2,940 Unearned Design Revenues 36,000 All of the accounts have normal balances. The information below has been gathered at December 31, 2017 1. Depreciation on the equipment for 2017 is $1,250. 2. The design firm borrowed $20,000 by signing a 10%, one-year note on July 1, 2017 3. The design firm paid $2,400 for 12 months of insurance coverage on October 1, 2017 4. Anastasia Lopez Designs pays its employees total salaries of $10,000 every Monday for the preceding 5-day week (Monday-Friday). On Monday, December 27, 2017, employees were paid for the week ending December 24, 2017. All employees worked the five days ending December 31, 2017 5. Anastasia Lopez Designs performed design services for a client in December 2017. The client will be billed $3,000. 6. On December 1, 2017, Anastasia Lopez Designs collected $36,000 for design work to be performed from December 1, 2017, through May 31, 2018. 7. A count of supplies on December 31, 2017 indicates that supplies of $950 are on hand. Instructions Prepare in journal form with explanations, the adjusting entries for the seven items listed for Anastasia Lopez Designs