Prepare the necessary adjusting entries at December 31, 20X1, for the Falwell Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. 1. A count of supplies on hand at December 31 revealed that $300 of supplies had been used this year.

2. Depreciation on equipment totaled $15,000 for the year.

3. Employee salaries of $18,000 for the month of December will be paid in early January 20X2.

4. On November 1, 20X1, the company borrowed $200,000 from a bank. The note requires that the Falwell Company pay the bank on April 30, 20X2 for the principal and all interest (calculated at 12%). Interest expense incurred on the note for the months of November and December 20X1 amounted to $4,000.

5. On December 31, 20X1, the company received $3,000 in cash from another company that is renting office space in Falwells building.

The payment, representing rent for the first quarter of 20X2 (i.e., January through March 20X2).