Prepare Adjusting Entries for the Following Transactions

Essay

Prepare adjusting entries for the following transactions. Omit explanations.
1. Depreciation on equipment is $1,050. 2. Interest incurred and owed on a loan but not paid or recorded is $275. 3. There was a beginning balance of supplies of $120 and the company purchased $400 of office supplies during the period. At the end of the year $70 of supplies were on hand. 4. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $400 had expired. 5. Accrued salaries at year end were $1,100.