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Discuss balances in selected accounts on december

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Reference no: EM131760820

Devin Wolf Company has the following balances in selected accounts on December 31, 2017.

Accounts Receivable 0
Accumulated Depreciation-Equipment 0
Equipment 6,000
Interest Payable 0
Notes Payable 10,200
Prepaid Insurance 2,340
Salaries and Wages Payable 0
Supplies 3,000
Unearned Service Revenue 28,000

All the accounts have normal balances. The information below has been gathered at December 31, 2017.

1. Devin Wolf Company borrowed $10,200 by signing a 9%, one-year note on September 1, 2017.
2. A count of supplies on December 31, 2017, indicates that supplies of $930 are on hand.
3. Depreciation on the equipment for 2017 is $2,000.
4. Devin Wolf Company paid $2,340 for 12 months of insurance coverage on June 1, 2017.
5. On December 1, 2017, Devin Wolf collected $28,000 for consulting services to be performed from December 1, 2017, through March 31, 2018. The company had performed 1/4 of the services by December 31.
6. Devin Wolf performed consulting services for a client in December 2017. The client will be billed $3,500.
7. Devin Wolf Company pays its employees total salaries of $5,700 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 2017.

Prepare adjusting entries for the seven items described above.

Reference no: EM131760820

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