E3.4 (LO 1, 2, 3) Luong Corporation encounters the following situations: 1. Luong collects $1,300 from a customer in 2020 for services to be performed in 2021. 2. Luong incurs utility expense which is not yet paid in cash or recorded. 3. Luong's employees worked 3 days in 2020 but will not be paid until 2021. 4. Luong performs services for customers but has not yet received cash or recorded the transaction. 5. Luong paid $2,800 rent on December 1 for the 4 months starting December 1. 6. Luong received cash for future services and recorded a liability until the service was performed. 7. Luong performed consulting services for a client in December 2020. On December 31, it had no billed the client for services provided of $1,200. 8. Luong paid cash for an expense and recorded an asset until the item was used up. 9. Luong purchased $900 of supplies in 2020; at year-end, $400 of supplies remain unused. 10. Luong purchased equipment on January 1, 2020; the equipment will be used for 5 years. 11. Luong borrowed $12,000 on October 1, 2020, signing an 8% one-year note payable. Instructions Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, or accrued revenue) is needed in each situation at December 31, 2020.

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