Journalize the adjusting entry needed at December 31, the end of the current accounting year, for each of the following independent cases affecting Crazy Races, Inc. No other adjusting entries have been made for the year. any journal entries.) Prior to making the adjusting entry on December 31, the balance in Prepaid insurance is $5, 400. Crazy Races, Inc. pays liability insurance each year on November 1. Crazy Races. Inc. pays employees each Friday. The amount of the weekly payroll is $18,000 for Prior to making the adjusting entry on December 31, the balance in Prepaid insurance is $5, 400. Crazy Races, Inc., pays liability insurance each year on November 1. Crazy Races, Inc., pays employees each Friday. The amount of the weekly payroll is $18,000 for a five-day workweek. December 31, the fiscal year-end, is a Tuesday. Crazy Races, Inc., received notes receivable from some customers for services provided. For the current year, accrued interest amounts to $520 and will be collected next year. The beginning balance of Supplies was $1, 025. During the year, $4, 200 of supplies were purchased. At December 31, the supplies on hand total $2,000. During the year, Crazy Races, Inc., received $9.100 in advance for services to be provided at a later date. As of December 31, Crazy Races, Inc., earned $4, 700 of the total fees received in advance during the current year. Depredation for the current year includes Vehicles, $2, 170, and Equipment, $1, 600