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prepare the adjusting entries for the seven items described above 654823

Ryan Stiles Company has the following balance in selected accounts on December 31, 2008.

Account receivable

0

Equipment

7,000

Accumulated depreciation equipment

0

Interest payable

0

Note payable

25,000

Prepaid insurance

2,520

Salary payable

0

Supplies

2,650

Unearned consulting revenue

40,000

All the accounts have normal balances. The information below has been gathered at December 31, 2008.

1. Ryan stiles Company borrowed 25,000 by signing a 12%, one year note on October 1, 2008.

2. A count of supplies on December 31, 2008, indicates that supplies of 700 are in hand.

3. Depreciation on the equipment for 2008 is 2,000

4. Ryan stiles Company paid 2,520 for 12 months of insurance coverage on August 1, 2008.

5. On December 1, 2008, Ryan Company collected 50,000 for consulting services to be performed from December 1, 2008 through March 31, 2009.

6. Ryan Performed consulting services for a client in December, 2008. The client will be billed 5,300

7. Ryan Stiles company pays its Employees total salaries of 10, 000 every monday for the preceding 5 day week (Monday through Friday). On Monday December, 30 December, employees were paid for the week ending December 27. All equipment worked the last 2 days of 2008.

Required:

Prepare the adjusting entries for the seven items described above.

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