Ounts Receivable 0 Accumulated Depreciation—equipment 0 Equipment 6974 Interest Payable 0 No

ounts Receivable$ 0 Accumulated Depreciation—Equipment0 Equipment6,974 Interest Payable0 Notes Payable9,975 Prepaid Insurance2,160 Salaries and Wages Payable0 Supplies2,292 Unearned Service Revenue39,550 All the accounts have normal balances. The information below has been gathered at December 31, 2012. 1.Garrett Wolfe Company borrowed $9,975 by signing a 12%, one-year note on September 1, 2012. 2.A count of supplies on December 31, 2012, indicates that supplies of $834 are on hand. 3.Depreciation on the equipment for 2012 is $1,397. 4.Garrett Wolfe Company paid $2,160 for 12 months of insurance coverage on June 1, 2012. 5.On December 1, 2012, Garrett Wolfe collected $30,800 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 $4,441. 7.Garrett Wolfe Company pays its employees total salaries of $5,580 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. Prepare adjusting entries for the seven items described above.


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