iPad令 K Back Accounting Principles.pdf Undo Prepare adjessring entries from selected data. (LO 2, 3) E3-5 Devin Wolf Company has the following balances in selected accounts on December 31, 2017 7,000 157 2,100 Salaries and Wages Payable All the accounts have normal balances. The information below has been gathered at December 31, 2017 I, Devin Wolf Company borrowed $10,000 by signing a 9%-one-year note on September 1, 2017 Exercises 1 2. A count of supplies on December 31, 2017, indicates that supplies of $900 are on hand. 3. Depreciation on the equipment for 2017 is $1,000. 4. Devin Wolf Company paid $2,100 for 12 months of insurance coverage on June 1, 2017 5. On December 1, 2017, Devin Wolf collected $32,000 for consulting services to be per formed from December 1, 2017, through March 31, 2018. 6. Devin Wolf performed consulting services for a client in December 2017. The client will be billed $4,200. 7. Devin Wolf 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 2017 Prepare adjusting entries for the seven items described above. 6 Zaragoza Company accumulates the following adjustment data at December 31 1. Services performed but not recorded total $1,000. 2. Supplies of $300 have been used. 3. Utility expenses of $225 are unpaid. 4. Services related to unearned service revenue of $260 were performed. Idenrify types of adjustments and account relationships (LO 2, 3, 4) For each of the above items indicate the following. (a) The type of adjustment (prepaid expense, unearned revenue, accrued revenue, or (b) The status of accounts before adjustment (overstatement or understatement).