preparing adjusting entries

Project Description:

verne cova company has the following balances in selected accounts on december 31, 2014.

accounts receivable $ 0
accumulated depreciation—equipment 0
equipment 6,644
interest payable 0
notes payable 10,316
prepaid insurance 2,160
salaries and wages payable 0
supplies 2,384
unearned service revenue 40,028

all the accounts have normal balances. the information below has been gathered at december 31, 2014.

1. verne cova company borrowed $9,825 by signing a 12%, one-year note on september 1, 2014.
2. a count of supplies on december 31, 2014, indicates that supplies of $934 are on hand.
3. depreciation on the equipment for 2014 is $1,472.
4. verne cova company paid $2,160 for 12 months of insurance coverage on june 1, 2014.
5. on december 1, 2014, verne cova collected $30,800 for consulting services to be performed from december 1, 2014, through march 31, 2015.
6. verne cova performed consulting services for a client in december 2014. the client will be billed $3,923.
7. verne cova company pays its employees total salaries of $5,340 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 2014.

prepare adjusting entries for the seven items described above.
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Price Type: Negotiable

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