Task 2. Chapter Three Exercise: Adjusting Journal Entries Devin Wolf Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable \$-0- Accumulated Depreciation-Equipment -0- Equipment 7,000 Interest Payable 0 - Notes Payable 10,000 Prepaid Insurance 2,100 Salaries and Wages Payable 0 Supplies 2,450 Unearned Service Revenue 30,000 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, 2019. 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 salaries of $9,000 every Monday for the preceding 5day 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