The ledger of Blossom, Inc. on March 31, 2020, includes the following selected accounts before adjusting entries. Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue Debit 2.400 2,300 30,200 8,600 An analysis of the accounts shows the following. 1 2. Insurance expires at the rate of $500 per month. Supplies on hand total $1,700. The equipment depreciates $500 per month During March, services were performed for two-fifths of the unearned service revenue. 3. 4. Current Attempt in Progress Cullumber Computer Services began operations in July 2020. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. At July 31, the company owed employees $1,500 in salaries that the company will pay in August 2 On July 1, the company borrowed $25,000 from a local bank on a 10-year note. The annual interest rate is 12% Service revenue unrecorded in July totaled $2,400. 1. 3 Prepare the adjusting entries needed at July 31, 2020. (Round answers to decimal places, es. 125. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit July 31 No. 1. (To record accrued salaries) The ledger of Blossom, Inc. on March 31, 2020, includes the following selected accounts before adjusting entries. Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue Debit 2.400 2,300 30,200 8,600 An analysis of the accounts shows the following. 1 2. Insurance expires at the rate of $500 per month. Supplies on hand total $1,700. The equipment depreciates $500 per month During March, services were performed for two-fifths of the unearned service revenue. 3. 4. Current Attempt in Progress Cullumber Computer Services began operations in July 2020. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. At July 31, the company owed employees $1,500 in salaries that the company will pay in August 2 On July 1, the company borrowed $25,000 from a local bank on a 10-year note. The annual interest rate is 12% Service revenue unrecorded in July totaled $2,400. 1. 3 Prepare the adjusting entries needed at July 31, 2020. (Round answers to decimal places, es. 125. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit July 31 No. 1. (To record accrued salaries)