E3-5 Drew Carey Company has the following balances in selected accounts on December 31,2008. Accounts Receivable $ -0- Accumulated Depreciation—Equipment -0- Equipment 7,000 Interest Payable -0- Notes Payable 10,000 Prepaid Insurance 2,100 Salaries Payable -0- Supplies 2,450 Unearned Consulting Revenue 40,000 All the accounts have normal balances.The information below has been gathered at December 31, 2008. 1. Drew Carey Company borrowed $10,000 by signing a 12%, one-year note on September 1, 2008. 2. A count of supplies on December 31, 2008, indicates that supplies of $800 are on hand. 3. Depreciation on the equipment for 2008 is $1,000. 4. Drew Carey Company paid $2,100 for 12 months of insurance coverage on June 1, 2008. 5. On December 1, 2008, Drew Carey collected $40,000 for consulting services to be performed from December 1, 2008, through March 31, 2009. 6. Drew Carey performed consulting services for a client in December 2008. 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 2008. (SO 4) Prepare adjusting entries from selected data. Instructions Prepare adjusting entries for the seven items
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