Prepare adjusting entries for the seven items described below. 1.Drew Carey Company borrowed $10,000 by signing a 12%, one-year note…

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Prepare adjusting entries for the seven items described below. 1.Drew Carey Company borrowed $10,000 by signing a 12%, one-year note on September 1, 2010. 2.A count of supplies on December 31, 2010, indicates that supplies of $800 are on hand. 3.Depreciation on the equipment for 2010 is $1,000. 4.Drew Carey Company paid $2,100 for 12 months of insurance coverage on June 1, 2010. 5.On December 1, 2010, Drew Carey collected $40,000 for consulting services to be performed from December 1, 2010, through March 31, 2011. 6.Drew Carey performed consulting services for a client in December 2010. The client will be billed $4,200. 7.Drew Carey Company pays its 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 2010. Account/Description Debit Credit 1. Interest PayablePrepaid InsuranceInterest ExpenseAccounts ReceivableSupplies ExpenseInsurance ExpenseConsulting RevenueAccumulated Depreciation—EquipmentSuppliesDepreciation ExpenseEquipmentSalaries ExpenseCashUnearned Consulting RevenueSalaries PayableAccounts Payable Prepaid InsuranceInterest ExpenseSalaries PayableAccounts ReceivableInsurance ExpenseAccounts PayableSupplies ExpenseUnearned Consulting RevenueEquipmentCashConsulting RevenueInterest PayableSalaries ExpenseSuppliesDepreciation ExpenseAccumulated Depreciation—Equipment 2. Interest ExpenseDepreciation ExpenseAccumulated Depreciation—EquipmentInterest PayablePrepaid InsuranceSalaries ExpenseInsurance ExpenseEquipmentUnearned Consulting RevenueCashConsulting RevenueAccounts ReceivableAccounts PayableSalaries PayableSupplies ExpenseSupplies Interest ExpenseEquipmentConsulting RevenueAccounts ReceivableInterest PayableCashSupplies ExpenseInsurance ExpenseSalaries PayableAccumulated Depreciation—EquipmentSalaries ExpenseAccounts PayablePrepaid InsuranceSuppliesDepreciation ExpenseUnearned Consulting Revenue 3. Depreciation ExpenseCashInsurance ExpenseUnearned Consulting RevenueSuppliesPrepaid InsuranceSalaries ExpenseSupplies ExpenseConsulting RevenueAccumulated Depreciation—EquipmentEquipmentSalaries PayableInterest ExpenseInterest PayableAccounts ReceivableAccounts Payable Accounts ReceivableInsurance ExpenseSalaries PayableAccounts PayableSuppliesSupplies ExpenseInterest ExpenseAccumulated Depreciation—EquipmentDepreciation ExpenseEquipmentUnearned Consulting RevenueSalaries ExpenseInterest PayablePrepaid InsuranceCashConsulting Revenue 4. SuppliesSalaries ExpenseAccounts ReceivableInterest PayableSupplies ExpenseSalaries PayableEquipmentDepreciation ExpenseInsurance ExpenseAccumulated Depreciation—EquipmentCashAccounts PayablePrepaid InsuranceUnearned Consulting RevenueConsulting RevenueInterest Expense Interest ExpenseDepreciation ExpenseEquipmentInsurance ExpenseSuppliesPrepaid InsuranceUnearned Consulting RevenueConsulting RevenueAccumulated Depreciation—EquipmentInterest PayableSalaries ExpenseSupplies ExpenseCashAccounts PayableAccounts ReceivableSalaries Payable 5. Unearned Consulting RevenueInterest ExpenseSalaries PayableConsulting RevenueDepreciation ExpenseAccounts ReceivableAccounts PayableAccumulated Depreciation—EquipmentSalaries ExpenseInterest PayableSupplies ExpenseSuppliesInsurance ExpensePrepaid InsuranceEquipmentCash Interest ExpenseEquipmentAccumulated Depreciation—EquipmentSalaries ExpenseInterest PayableSupplies ExpenseAccounts PayableAccounts ReceivableDepreciation ExpenseConsulting RevenueSalaries PayableUnearned Consulting RevenueSuppliesCashInsurance ExpensePrepaid Insurance 6. Prepaid InsuranceCashSuppliesAccounts PayableDepreciation ExpenseAccumulated Depreciation—EquipmentAccounts ReceivableInsurance ExpenseUnearned Consulting RevenueConsulting RevenueInterest ExpenseSalaries ExpenseEquipmentSupplies ExpenseSalaries PayableInterest Payable Supplies ExpenseAccounts PayableConsulting RevenueUnearned Consulting RevenueSuppliesSalaries ExpenseAccounts ReceivableSalaries PayableInterest ExpenseEquipmentCashAccumulated Depreciation—EquipmentInsurance ExpenseInterest PayableDepreciation ExpensePrepaid Insurance 7. CashDepreciation ExpenseSalaries ExpenseInsurance ExpenseSalaries PayableAccounts PayableAccounts ReceivableEquipmentUnearned Consulting RevenueInterest ExpenseSuppliesAccumulated Depreciation—EquipmentInterest PayableSupplies ExpensePrepaid InsuranceConsulting Revenue EquipmentAccounts ReceivableInterest ExpenseCashSuppliesInterest PayablePrepaid InsuranceDepreciation ExpenseSupplies ExpenseAccumulated Depreciation—EquipmentInsurance ExpenseSalaries ExpenseSalaries PayableConsulting RevenueUnearned Consulting RevenueAccounts Payable Click if you would like to Show Work for this question: Open Show Work

 

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