Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! Depreciation for the current year includes Equipment, $3,200. Date Accounts and explanation Debit Credit A two year insurance policy for $2,640 was purchased on November 1 of the current year. Record the transaction for the year ended December 31. Date Accounts and explanation Debit Credit Incurred interest expense of $3,600 Date Accounts and Explanation Debit Credit Account Title Account Number 101 105 110 112 115 120 125 130 140 145 146 150 151 155 |156 Cash Accounts Receivable Interest Receivable Notes Receivable Office Supplies Prepaid Insurance Prepaid Rent Short-term Investments Long-term Investments Building Accumulated Depreciation Building Equipment Accumulated Depreciation Equipment Furniture Accumulated Depreciation - Furniture Office Furniture Accumulated Depreciation Office Furniture Truck Accumulated Depreciation - Truck Land Copyright Franchise Patent Trademark Accounts Payable Rent Payable Salaries Payable Utilities Payable Interest Payable Dividends Payable 160 161 165 166 170 175 178 180 182 201 205 210 215 220 225 255 260 301 315 320 325 410 420 430 505 510 515 520 525 Mortgages Payable Premium on Bonds Payable Common Stock Retained Earnings Dividends Income Summary Service Revenue Dividend Revenue Interest Revenue Advertising Expense Delivery Expense Depreciation Expense Insurance Expense Interest Expense Repairs and Maintenance Expense Rent Expense Salaries Expense Supplies Expense Utilities Expense 1535 540 545 550 555