Use the following preliminary balance sheet which reports the account balances prior to any adiusting entries: Parcel Delivery Service Preliminar Balance Sheet_hefore adiusting entries Dec 31.2020 Assets Liabilities Cash 1.800 Notes Pavable 5.000 Accounts Receivable 4.600 Accounts Pavable 2.500 Supplies 1.100 Wages Pavable 1.200 Prepaid Insurance 1.500 Unearned Revenues 1.300 Equipment 25.000 Total Liabilities 10.000 Accumulated Depreciation -7.500 Owner's Equity Mary Smith Capital 16.500 Total Assets 26.500 Total Liabilities & Owner's Equity 26.500 1) Prepare the adjusting entries for the following situations at December 31, 2010 (3 point/each). 1. A review of the accounts receivables indicates that approximately $600 of the receivables will not be collectible. Dr. Bad debt expense 600 Cr. Allowacne for Uncollectible Account 600 2. The Supplies account has a preliminary balance of $1,100. However, a count of the supplies actually on hand indicates that the true amount of supplies is $725. Dr. Cr. 3. A review of the payments for insurance shows that $600 of the insurance payments is for insurance that will expire. Dr. Cr. 4. A review indicates that as of December 31 the accumulated amount of depreciation should be $7,600. Dr. Cr. 5. The company borrowed the $5,000 on December 1 and agrees to make the first interest payment on March 1, the loan specifies an annual interest rate of 6%. Dr. Cr. 6. The accrued wages earned by the emplovees to December 31 is $100. Dr. Cr. 7. Unearned Revenues reveals that the company did indeed receive $1,300 from a customer earlier in December. However, during the month the company provided the customer with $1.200 of services. Dr. Cr. 2) Prepare the Income Statement (10 points) and Balance Sheet (20 points) at December 31, 2020 (after adjusting entries)