Question

Consider each of the following independent cases: (Click the icon to view the independent cases.) Requirement 1. Journalize the adjusting entry needed on December 31. the end of the current accounting period, for each of the following independent cases affecting Irons Corporation. Include an explanation for each entry. a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $2,500 and a debit to the account on March 31 for $3,700 to record the payment of an annual insurance premium. At December 31. $1,800 is still prepaid. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) X Journal Entry i Cases Date Accounts and Explanation Debit Credit Dec 31 a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 1 Bal 2,500 Mar 31 3,700 Irons prepays insurance on March 31 each year. At December 31, $1,800 is still prepaid. b. Irons pays employees each Friday. The amount of the weekly payroll is $5,900 for a five-day work week. The current accounting period ends on a Monday b. Irons pays employees each Friday. The amount of the weekly payroll is $5,900 for a five-day work week . The current accounting period ends on Monday Journal Entry c. Irons has a note receivable. During the current year, Irons has earned accrued interest revenue of $700 that it will collect next year. Date Accounts and Explanation Debit Credit d. The beginning balance of supplies was $3,400. During the year, Irons purchased supplies costing $6,300, and at December 31 supplies on hand total $2,100. Dec 31 e. Irons is providing services for Manatee Investments, and the owner of Manatee paid Irons an annual service fee of $11.900. Irons recorded this amount as Unearned Service Revenue. Irons estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $4,000, and Equipment, $5,500. Choose from any list or enter any number in the input fields and then continue to the next question. Print Done
All one problem, Thanks for the help in advance! :)

Answer 1

Date	Accounts and explanation	Dr	CR
a) Dec 31	Insurance Expenses	$4,400
	Prepaid Insurance		$4,400
	(2500+3700-1800)
	(being adjusting entry made for prepaid insurance)
b)	Salaries expenses	$1,180
	Salaries payable		$1,180
	(5900/5*1)
	(being adjusting entry for salaries is recorded)
c) 31 Dec	Interest Receivable	$700
	Interest Revenue		$700
	(being interest revenue recorded)
d) 31 Dec	Supplies expenses	$7,600
	Supplies (3400+6300-2100)		$7,600
	(being adjusting entry made for supplies)
e) 31 Dec	Unearned Service Revenue	$8,330
	Service Revenue		$8,330
	(being adjusting entry recorded for revenue)
	(11900*.7)
f) 31 Dec	Depreciation expenses	$9,500
	Accumulated Deprecitaion-Office Furniture	$4,000
	Accumulated Deprecitaion-Equipment		5500
	(being depreciation expenses recorded)
	If any doubt please comment