garrett wolfe company has the following balances in selected acc 430292

Garrett Wolfe Company has the following balances in selected accounts on December 31, 2012.

Accounts Receivable $ 0

Accumulated Depreciation—Equipment 0

Equipment 7,000

Interest Payable 0

Notes Payable 10,000

Prepaid Insurance 2,100

Salaries and Wages Payable 0

Supplies 2,450

Unearned Service Revenue 30,000

All the accounts have normal balances. The information below has been gathered at December 31, 2012.

1. Garrett Wolfe Company borrowed $10,000 by signing a 12%, one year note on September 1, 2012.

2. A count of supplies on December 31, 2012, indicates that supplies of $900 are on hand.

3. Depreciation on the equipment for 2012 is $1,000.

4. Garrett Wolfe Company paid $2,100 for 12 months of insurance coverage on June 1, 2012.

5. On December 1, 2012, Garrett Wolfe collected $30,000 for consulting services to be performed from December 1, 2012, through March 31, 2013.

6. Garrett Wolfe performed consulting services for a client in December 2012. The client will be billed $4,200.

7. Garrett Wolfe Company pays its employees total salaries of $9,000 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 2012.

Instructions

Prepare adjusting entries for the seven items described above.