Required information Use the following information for Exercises 6-7 below. (Algo) (The following information applies to the questions displayed below.] a. Wages of $7,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $11,440. c. The Supplies account had a $440 debit balance at the beginning of the year. During the year, $5,620 of supplies are purchased. A physical count of supplies at December 31 shows $612 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $3,000 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $700 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $3,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. Exercise 3-6 (Algo) Preparing adjusting entries LO P1, P3, P4 For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31. Journal entry worksheet 1 2 3 4 5 6 Wages of $7,000 are earned by workers but not paid as of December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet Depreciation on the company's equipment for the year is $11,440. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Journal entry worksheet The Supplies account had a $440 debit balance at the beginning of the year. During the year, $5,620 of supplies are purchased. A physical count of supplies at December 31 shows $612 of supplies available. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Journal entry worksheet The company has earned (but not recorded) $700 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 The company has a bank loan and has incurred (but not recorded) interest expense of $3,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. Note: Enter debits before credits. Transaction General Journal Debit Credit f. Record entry Clear entry View general journal