Prepare adjusting entries from selected data:

Devin Wolf company has the following balances in selected accounts on december 31,2020

Accounts Receivable $0

Accumulated DepreciationEquipment 0

Equipment 7,000 Interest Payable 0

Notes Payable 10,000

Prepaid Insurance 2,100

Salaries and Wages Payable 0

Supplies 2,450

Unearned Service Revenue 32,000

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

1. Devin Wolf Company borrowed $10,000 by signing a 9%, one-year note on September 1, 2020.

2. A count of supplies on December 31, 2020, indicates that supplies of $900 are on hand.

3. Depreciation on the equipment for 2020 is $1,000.

4. Devin Wolf Company paid $2,100 for 12 months of insurance coverage on June 1, 2020.

5. On December 1, 2020, Devin Wolf collected $32,000 for consulting services to be performed from December 1, 2020, through March 31, 2021.

6. Devin Wolf performed consulting services for a client in December 2020. The client will be billed $4,200.

7. Devin Wolf Company pays its employees total salaries of $9,000 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.

Instructions: Prepare adjusting entries for the seven items described above.