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

Interest Expense

Interest Payable

Supplies Expense

Depreciation Expense

Accumulated Depreciation$-$Equipment

Insurance Expense

Prepaid Insurance

Unearned Service Revenue

Service Revenue

L $$

Accounts Receivable

Service Revenue

Salaries and Wages Expense

Salaries and Wages PayableSwifty Company has the following balances in selected accounts on December $31,2020.$

All the accounts have normal balances. The information below has been gathered at December $31,2020.$

Swifty Company borrowed $$17,000$ by signing a $12\%,$ one$-$year note on August $1,2020.$

A count of supplies on December $31,2020,$ indicates that supplies of $$990$ are on hand

Depreciation on the equipment for $2020$ is $$2,200.$

Swifty Company paid $$2,760$ for $12$ months of insurance coverage on May $1,2020.$

On November $1,2020,$ Swifty collected $$49,000$ for consulting services to be performed from November $1,2020,$ through

March $31,2021$

Swifty performed consulting services for a client in December $2020.$ The client will be billed $$6,700.$

Swifty 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 $2020.$