Cullumber Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable $ 0
Accumulated Depreciation—Equipment 0
Equipment 8,000
Interest Payable 0
Notes Payable 11,000
Prepaid Insurance 3,120
Salaries and Wages Payable 0
Supplies 2,200
Unearned Service Revenue 28,000
All the accounts have normal balances. The information below has been gathered at December 31, 2020.
1. Cullumber Company borrowed $9,400 by signing a 9%, one-year note on September 1, 2020.
2. A count of supplies on December 31, 2020, indicates that supplies of $970 are on hand.
3. Depreciation on the equipment for 2020 is $2,000.
4. Cullumber Company paid $3,120 for 12 months of insurance coverage on June 1, 2020.
5. On December 1, 2020, Cullumber collected $28,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31.
6. Cullumber performed consulting services for a client in December 2020. The client will be billed $4,200.
7. Cullumber Company pays its employees total salaries of $5,600 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.
Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

1. Cullumber Company borrowed $9,400 by signing a 9%, one-year note on September 1, 2020.

Dr Cash 9,400

    Cr Notes payable 9,400

December 31, 2020, adjusting entry

Dr Interest expense 282

    Cr Interest payable 282

2. A count of supplies on December 31, 2020, indicates that supplies of $970 are on hand.

December 31, 2020, adjusting entry

Dr Supplies expense 1,230

    Cr Supplies 1,230

3. Depreciation on the equipment for 2020 is $2,000.

December 31, 2020, adjusting entry

Dr Depreciation expense 2,000

    Cr Accumulated depreciation, equipment 2,000

4. Cullumber Company paid $3,120 for 12 months of insurance coverage on June 1, 2020.

December 31, 2020, adjusting entry

Dr Insurance expense 1,820

    Cr Prepaid insurance 1,820

5. On December 1, 2020, Cullumber collected $28,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31.

Dr Cash 28,000

    Cr unearned revenue 28,000

December 31, 2020, adjusting entry

Dr Unearned revenue 7,000

    Cr Service revenue 7,000

6. Cullumber performed consulting services for a client in December 2020. The client will be billed $4,200.

December 31, 2020, adjusting entry

Dr Accounts receivable 4,200

    Cr Service revenue 4,200

7. Cullumber Company pays its employees total salaries of $5,600 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.

December 31, 2020, adjusting entry

Dr Wages expense 3,360

    Cr Wages payable 3,360

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