Answer:
1.
No Entry
2.
Insurance Expense $125 (debit)
Insurance Prepaid $125 (credit)
3.
Depreciation $60 (debit)
Accumulated depreciation $60 (credit)
4.
Unearned Revenue $930 (debit)
Earned Revenue $930 (credit)
5.
Accounts Receivable $260 (debit)
Service Revenue $260 (credit)
6.
Interest expense $85 (debit)
Interest payable $85 (credit)
7.
Salaries expense $1,570 (debit)
Salaries Payable $1,570 (credit)
Explanation:
There is no entry required for supplies on hand as this is the Ledger Account Balance.
Insurance expense is recognized out of the prepaid insurance premium.
The liability : Unearned Revenue is de-recognized and Earned Revenue is recognized when services have finally been performed.
