Problem 5 30 points

Prepare adjusting entries for the following transactions. Omit explanations.

1. Unrecorded interest accrued on notes payable is $1,500.

2. Utilities used but not yet paid or recorded amount to $500.

3. Consulting service revenues of $10,000 were collected in advance. By year end $3,000 was still unearned.

4. Prepaid insurance had a $10,000 debit balance prior to adjustment. By year end, 75 percent was expired.

5. Employee salaries incurred by year end but not yet paid or recorded was $10,000.