P3-768. REQUIRED: Journalize the adjusting entry needed on December 31, at the end of the current accounting period, for each of the following independent cases affecting Woods Corp. Details of Prepaid Insurance are shown in the account: Prepaid Insurance a. Jan 1 Bal 800 Mar 31. 3,600 Woods prepays insurance on March 31 each year. At December 31, 5900 is still prepaid. b. Woods pays employees each Friday. The amount of the weekly payroll is $6,200 for a five-day work week. The current accounting period ends on Monday. C. Woods has a note receivable. During the current year, Woods has earned accrued interest revenue of $500 that it will collect next year. d. The beginning balance of supplies was $2,700. During the year, Woods purchased supplies costing $6,400, and at December 31 supplies on hand total $2,300. e. Woods is providing services for Blue Whale Investments, and the owner of Blue Whale paid $11,900 as the annual service fee. Woods recorded the amount as Unearned Service Revenue. Woods estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,500 and Equipment, $5,800. Make a compound entry. balance sheet? (acunals)