Timmy Company has the following balances in select accounts on December 31, 2020. All accounts have normal balances. $ 0 Accumulated Depreciation Accounts Receivable Salaries and Wages Payable Equipment Interest Payable Unearned Service Revenue Supplies Prepaid Insurance Notes Payable 25,000 0 20.000 0 80,000 6,000 12,000 100,000 The information below has been gathered at December 31, 2020. As of December 31, 2020, no adjustments have been made for the year. 1. December 31 is a Tuesday and employees are paid on Friday. Timmy has four employees who are paid $800 each for a 5-day work-week. 2. $5,500 of supplies have been used during the year. 3. Timmy paid $12,000 for 24 months of insurance coverage, effective May 1, 2020 4. Timmy Company borrowed $100,000 signing a 3%, one-year note on March 1, 2020 5. The equipment was purchased on July 1, 2020. The equipment has a 5-year life with no salvage value. The equipment depreciates $4,000 a year 6. Timmy has invoices representing $18.000 of services performed during the last few days of the year. These services have not been recorded as of December 31, 2020.