Sunland Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable Accumulated Depreciation-Equipment $0 0 Equipment 6,000 Interest Payable 0 Notes Payable 10,000 Prepaid Insurance 3,000 Salaries and Wages Payable Supplies Unearned Service Revenue 2,900 29,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 12345 5. Sunland Company borrowed $9,700 by signing a 9%, one-year note on September 1, 2020. A count of supplies on December 31, 2020, indicates that supplies of $900 are on hand. Depreciation on the equipment for 2020 is $1,300. Sunland Company paid $3,000 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Sunland collected $29,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31. 6. Sunland performed consulting services for a client in December 2020. The client will be billed $4,000. 19 7. Sunland Company pays its employees total salaries of $5,600 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 2020. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4 5. 6. 7.