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Chapter Three Calculator 1. PR.03.64A ALGO 2. Prepare the entries necessary to record the above transactions. Round your answers to two decimal places, if necessary Dec. 1 Cash 60,000 Notes Payable 60,000 (Record receipt of cash from loan) 12,650 Service Revenue 12,650 v (Record service performed) Dec. 31 Unearned Service Revenue 40,885 Service Revenue 40,885 (Record earned revenue) Dec. 31 Cash 124.525 Unearned Service Revenue 124,525V (Record receipt of cash for future services) Dec. 31 2,675 Accumulated Depreciation 2,675 (Record depreciation on bus) 2,000 Prepaid Insurance 2.000 V (Record use of prepaid insurance) Dec. 31 Interest Expense V 327,000 | Interest Payable (Record interest expense for 1 month) Salaries Expense 327,000 X Dec. 31 25,320 Check My Work 0 more Check My Work uses remaining. Progress: 1/1 items : 96.3% : 0:41:04: 51: 24 Chapter Three Calculator pay in advance on a quarterly basis. For individual families, daycare services are provided monthly and billed at the beginning of the next month. The following transactions describe Karter's activities during December 2019 1. PR.03.64A ALGO Required 1. Identify whether each transaction is an adjusting entry or a regular journal entry. If the entry is an adjusting entry, identify it as an accrued revenue, accrued expense, deferred revenue, or deferred expense. If the entry is a regular journal entry, select "not applicable" from the second set of dropdowns. a. On December 1, Karter borrowed $60,000 by issuing a 5-year, $60,000, 9% note payable Regular journal entryNot applicable b. Daycare service in the amount of $12,650 was provided to individual families during December. These families will not be billed until January 2020. Adjusting entry Accrued revenue