All the accounts have normal balances. The information below has been gathered at December 31, 20… 1 answer below »

All the accounts have normal balances. The information below has been gathered at December 31, 2015.

1. Verne Cova Company borrowed $10,000 by signing a 12%, one-year note on September 1, 2015.

2. A count of supplies on December 31, 2015, indicates that supplies of $900 are on hand.

3. Depreciation on the equipment for 2015 is $1,000.

4. Verne Cova Company paid $2,100 for 12 months of insurance coverage on June 1, 2015.

5. On December 1, 2015, Verne Cova collected $30,000 for consulting services to be performed from December 1, 2015, through March 31, 2016.

6. Verne Cova performed consulting services for a client in December 2015. The client will be billed $4,200.

7. Verne Cova 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 2015.

Prepare adjusting entries for the seven items described above. Item Account Titles Debit Credit 1. 2. 3. 4. 5. 6. 7.

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