Exercise 3-5 kingbird, inc. has the following balances in selected accounts on december 31, 2019. accounts receivable $ 0 accumulated depreciation—equipment 0 equipment 8,000 interest payable 0 notes payable 9,800 prepaid insurance 3,660 salaries and wages payable 0 supplies 2,600 unearned service revenue 28,400 all the accounts have normal balances. the information below has been gathered at december 31, 2019. 1. kingbird, inc. borrowed $9,800 by signing a 12%, one-year note on september 1, 2019. 2. a count of supplies on december 31, 2019, indicates that supplies of $900 are on hand. 3. depreciation on the equipment for 2019 is $1,500. 4. kingbird, inc. paid $3,660 for 12 months of insurance coverage on june 1, 2019. 5. on december 1, 2019, kingbird, inc. collected $28,400 for consulting services to be performed from december 1, 2019, through march 31, 2020. 6. kingbird, inc. performed consulting services for a client in december 2019. the client will be billed $4,500. 7. kingbird, inc. pays its employees total salaries of $9,500 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 2019. prepare adjusting entries for the seven items described above.