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Joumalize the adjusting entry needed on December 31, 2020, the end of the current accounting period, for each of the independent cases affecting Callasway Corp. Include an explanation for each entry

Requirement 1. Journalize the adjusting entry needed on December 31, 2020, the end of the current accounting period, for each of the following independent cases affecting Callasway Corp. Include an explanation for each entry (Record debits first, then credits. Enter explanations on the last line.)

a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $400 and a debit to the account on March 31 for $3,400 to record the payment of an annual insurance premium. At December 31, 2020, $850 is still prepaid

Record the insurance expense for the year ended December 31, 2020

Jaume hentary meded on December 31, 2000, the end of the current accounting period, for each of the independent cases techng Cateway Completion option to eacher TD Click the icon to view the independent cases Requirement Journace the susting entry needed on Decent 1.2020. the end of the centuring period for each of the independents were away Corp include for each cordas first credinta explanation on the last line Details of the Prepadinance accountry beginning of your dance $400 and to count on March 200 orecard Demence premium Al Docenter 2000 Record the come for the year ended December 31 2000 Jornal Entry Die Accounts and plantion Dec 51 Deba Credit the end of the current accounting period for each of the independent cases affecting Callosway Corp Include an explanation for each entry - X - Independent cases con lude an insuran 31 a. Details of Propold Insurance are shown in the account Prepaid Insurance Jan 1 Bal 400 Mar 31 3,400 Callasway propays insurance on March 31 each year Al December 31, $850 is still prepaid b. Callasway pays employees each Friday The amount of the wookly payroll is $5 700 for a five-day work wook. The current accounting period onds on Tuesday c. Callasway has a noto receivablo During the current year, the company has earned accrued interest revenue of $450 that it will receive next year d. The beginning balance of Supplies was $3,000 During the year, Callasway purchased supplies costing $6,500 and at December 31 supplies on hand is $1,400 e Callasway delivered goods to a customer on December 31, 2020 on January 2 it invoiced tho customer $12.900 for those goods 1. Depreciation for the current your includes Office Furnituro, 5980, and Equipment, $2.720. Make a compound entry Print Dono