Reference no: EM131779627
Question: 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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