IDENTIFICATION OF ADJUSTING ENTRIES

Singleton, Inc., had the following transactions during the year.
a. Merchandise was sold to customers on credit.
b. Purchased equipment to be used in the operation of its business.
c. A two-year insurance contract was purchased.
d. Received cash for services to be performed over the next year.
e. Paid monthly employee salaries.
f. Borrowed money from First Bank by signing a note payable due in five years.