Sheffield Company has the following balances in selected accounts on December 31, 2022. $0 0 9,800 o Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue 14,000 2,940 0 3,430 42,000 All the accounts have normal balances. The following information has been gathered at December 31, 2022. 1. Sheffield Company borrowed $14,000 by signing a 12%, one-year note on September 1, 2022. Interest will be paid when the note is repaid. A count of supplies on December 31, 2022, indicates that supplies of $1,260 are on hand. Depreciation on the equipment for 2022 is $1,400. 2. 3. All the accounts have normal balances. The following information has been gathered at December 31, 2022. 1. 2. 3. 4. 5. Sheffield Company borrowed $14,000 by signing a 12%, one-year note on September 1, 2022. Interest will be paid when the note is repaid. A count of supplies on December 31, 2022, indicates that supplies of $1,260 are on hand. Depreciation on the equipment for 2022 is $1,400. Sheffield paid $2,940 for 12 months of insurance coverage on June 1, 2022. On December 1, 2022, Sheffield collected $42,000 for consulting services to be performed evenly from December 1, 2022, through March 31, 2023. Sheffield performed consulting services for a client in December 2022. The client will be billed $5,880. Sheffield pays its employees total salaries of $12,600 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 2022. 6. 7. Prepare adjusting entries for the seven items described above. Sheffield prepares adjustments annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Prepare adjusting entries for the seven items described above. Sheffield prepares adjustments annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 5. 6. 7