Prepare adjusting entries from selected data. Instructions Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, or accrued revenue) is needed in each situation at December 31, 2020. E3.5 (LO 2, 3) Devin Wolf Company has the following balances in selected accounts on December 31, 2020 Accounts Receivable $ -- Accumulated Depreciation Equipment Equipment 7,000 Interest Payable Notes Payable 10,000 Prepaid Insurance 2,100 Salaries and Wages Payable Supplies 2,450 Unearned Service Revenue 32,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Devin Wolf Company borrowed $10,000 by signing a 9%, one-year note on September 1, 2020. 2. A count of supplies on December 31, 2020, indicates that supplies of $900 are on hand. 3. Depreciation on the equipment for 2020 is $1,000 4. Devin Wolf Company paid $2,100 for 12 months of insurance coverage on June 1, 2020. 5. On December 1, 2020, Devin Wolf collected $32,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. 6. Devin Wolf performed consulting services for a client in December 2020. The client will be billed $4,200. 7. Devin Wolf Company pays its employees total salanes of ite 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 2020. Instructions Prepare adjusting entries for the seven items described above. data Danemher 31 Identify types of adiustments