Journalize the adjusting entry needed on December $31,$ ?the end of the current accounting$$ ?period, for each of the independent cases affecting Nickelson Corporation. Include an explanation for each entry

 

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Cases a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 1 Bal 2,500 Mar 31 3,300 Nickelson prepays insurance on March 31 each year. At December 31, $1,000 is still prepaid. b. Nickelson pays employees each Friday. The amount of the weekly payroll is $6,200 for a five-day work week. The current accounting period ends on Tuesday. c. Nickelson has a note receivable. During the current year, Nickelson has earned accrued interest revenue of $400 that it will collect next year. d. The beginning balance of supplies was $3,300. During the year, Nickelson purchased supplies costing $6,100, and at December 31 supplies on hand total $2,300. e. Nickelson is providing services for Manatee Investments, and the owner of Manatee paid Nickelson an annual service fee of $11,800. Nickelson recorded this amount as Unearned Service Revenue. Nickelson estimates that it has earned 60% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,600, and Equipment, $6,300. Cases a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 1 Bal 2,500 Mar 31 3,300 Nickelson prepays insurance on March 31 each year. At December 31, $1,000 is still prepaid. b. Nickelson pays employees each Friday. The amount of the weekly payroll is $6,200 for a five-day work week. The current accounting period ends on Tuesday. c. Nickelson has a note receivable. During the current year, Nickelson has earned accrued interest revenue of $400 that it will collect next year. d. The beginning balance of supplies was $3,300. During the year, Nickelson purchased supplies costing $6,100, and at December 31 supplies on hand total $2,300. e. Nickelson is providing services for Manatee Investments, and the owner of Manatee paid Nickelson an annual service fee of $11,800. Nickelson recorded this amount as Unearned Service Revenue. Nickelson estimates that it has earned 60% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,600, and Equipment, $6,300.