Preparing adjusting entries For each of the following separate cases, prepare adjusting entries required of financial statements

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Preparing adjusting entries For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended December 31, 2008. Assume that prepaid expenses are initially recorded in asset accounts and that fees collected in advance of work are initially recorded as liabilities.

a. One-third of the work related to $$15,000$ cash received in advance is performed this period.

b. The company has earned (but not recorded) $$1,000$ of interest from investments in CDs for the year ended December 31, 2008. The interest revenue will be received on January 10, 2009.
¢. The company has a bank loan and has incurred (but not recorded) interest expense of $$2,500$ for the year ended December 31, 2008. The company must pay the interest on January 2, 2009.

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