Journalize the adjusting entry needed on December 31, end of the current accounting period, for each of the following independent cases affecting Green Corp. Include an explanation for each entry.
a. Details of Prepaid Insurance are shown in the account:

Green prepays insurance on March 31 each year. At December 31, $1,200 is still prepaid.
b. Green pays employees each Friday. The amount of the weekly payroll is $5,800 for a five-day work week. The current accounting period ends on Tuesday.
c. Green has a note receivable. During the current year, Green has earned accrued interest revenue of $600 that it will collect next year.
d. The beginning balance of supplies was $2,300. During the year, Green purchased supplies costing $6,100, and at December 31 supplies on hand total $2,100.
e. Green is providing services for Manatee Investments, and the owner of Manatee paid Green $12,100 as the annual service fee. Green recorded this amount as Unearned Service Revenue. Green estimates that it has earned 60% of the total fee during the current year.
f. Depreciation for the current year includes Office Furniture, $3,000, and Equipment, $6,300. Make a compoundentry.

Transcribed Image Text:

Prepaid Insurance Jan 1 Bal 1050 Mar 31 4,800