Question

The unadjusted trial balance of Devlin Collection Service for the year ending December 31, 2019 appears...

The unadjusted trial balance of Devlin Collection Service for the year ending December 31, 2019 appears below. No adjusting entries have been made during the current year.

                                                                 Debit          Credit

Cash                                                          $6,000       

Accounts receivable                                           10,000       

Prepaid insurance                                         4,000       

Office supplies                                                       2,000

Equipment                                                 ,20,000       

Accumulated amortization                                                    $5,000

Salaries payable             

Interest payable            

Unearned service revenue                                                        4,000

Note payable                                                                         10,000

Ted Danvon, capital                                                                15,800

Ted Danvon, withdrawals                                        1,000

Service revenue                                                                     32,600

Salaries expense                                        18,000       

Amortization expense             

Rent expense                                                       6,000        

Insurance expense         

Office supplies expense           

Interest expense                                           400                                         

                                                                     $67,400             $67,400

Complete on next page

a) A count revealed that $1,800 of office supplies were still on hand at December 31, 2019.

b) The accountant has determined that the prepaid insurance balance at December 31, 2019 should be in the amount of $1,500.

c) The equipment was purchased January 1, 2018 and has been amortized over 4 years with no salvage value.

d)  The accountant has determined that the unearned service revenue was for 8 months service beginning October 1, 2019.  No adjustments had been made since the advance payment was made.

e) The interest on the Note Payable is 9% per year.  The note was taken out on September 1, 2019 and no interest has been recognized to date.

f) December 31 was a Friday. Employees were last paid for their work day ending December 28.  Salaries are $750 per day.  December 29,30 and 31 were work days.

g) Rent owing on December 31 is $750.

Prepare the adjusting journal entries required at December 31 2019.INCLUDE Calculations supporting journal entries.

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