What should each of the journal entries look like

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Reference no: EM132837140

New Slang Pest Control has the following balances in selected accounts on December 31, 2022 prior to adjustment.

Accounts Receivable $ 0

Accumulated Depreciation-Equipment 0

Equipment 6,650

Interest Payable 0

Notes Payable 20,000

Prepaid Insurance 2,220

Salaries and Wages Payable 0

Supplies 2,940

Unearned Service Revenue 30,000

All of the accounts have normal balances. The following information has been gathered as of December 31, 2022.

1. Depreciation on the equipment for 2022 is $1,300.

2. New Slang Pest Control borrowed $20,000 by signing a 10%, one-year note on July 1, 2022.

3. New Slang Pest Control paid $2,220 for 12 months of insurance coverage on October 1, 2022.

4. New Slang Pest Control pays its employees total salaries of $11,000 every Monday for the preceding five-day week (Monday-Friday). On Monday, December 27, 2022, employees were paid for the week ending December 24, 2022. All employees worked the five days ending December 31, 2022.

5. New Slang Pest Control performed disinfecting services for a client in December 2022. The client will be billed $3,200.

6. On December 1, 2022, New Slang Pest Control collected $30,000 for disinfecting processes to be performed from December 1, 2022 through May 31, 2023.

7. A count of supplies on December 31, 2022 indicates that supplies of $850 are on hand.

Problem 1: What should each of these journal entries look like?

Reference no: EM132837140

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