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Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! Employees earned $2.500 res that will be paid next month Accounts and explanation Date Debit Credit A two year insurance policy for $1,320 was purchased on November of the current year Record the transaction for the year ended December Credit Debit Date Accounts and explanation Completed services that were paid for six months earlier $1.500 Debit Credit Date Accounts and Explanation oncmg.com nalize the adjusting entry needed at December 31 for each situation. Use the rt of Accounts to review account names! OOOO Employees earned $2.500 in salaries that will be paid next month. Date Accounts and Explanation Debit Credit A two year insurance policy for $1320 was purchased on November of the current year. Record the transaction for the year ended December 31 Date Accounts and explanation Debit Credit Completed services that were paid for six months earlier, $1.500 Date Accounts and Explanation Debit Credit