Evan Kristopher pays payroll every two weeks. December $24,2023$ was the last time in $2023$ that payroll was paid. On January $7,2024,$ they will pay $$75,000$ in wages for the two week period ending on that date.

Required:

a$.$ What type of adjusting journal entry is required on December $31,2023?$

b$.$ Prepare the required adjusting journal entry.

On October $1,2023,$ Joshua Company paid $$4,200$ for a six$-$month insurance premium which started on October $1,2023.$ They debited Prepaid Insurance when they paid the premium.

Required:

a$.$ What type of adjusting journal entry is required on December $31,2023?$

b$.$ Prepare the required adjusting journal entry.

On September $1,2023,$ Naomi Company hired Graham Roberts, Attorney at Law, to conduct some legal work for the company. On that date, Naomi paid Graham a $$6,000$ retainer. At December $31,2023$ Graham determined that he had earned $$2,400$ of the $$6,000$ retainer.

Required:

a$.$ What type of adjusting journal entry is required by Graham on December $31,2023?$

b$.$ Prepare the required adjusting journal entry.

On January $1,2023$ Dulcinea Inc. started the year with a $$300,000$ credit balance in retained earnings and $$150,000$ credit balance in common stock. During $2023,$ the company earned net income of $$85,000,$ declared a dividend of $$20,000,$ and issued more stock for $$54,000.$

Required:

Calculate the balances for Common Stock and for Retained Earnings on December $31,2023.$