P3-3B Journalize the adjusting entry needed on December 31. end of the current accounting period, for each of the following independent cases affecting Coronado Heating and Cooling.

a. Details of Prepaid Rent are shown in the account: PREPAID RENT Jan. 1 Mar. 31 Bal. 600 2,400 Coronado pays office rent annually on March 31. At December 31, part of the last pay- ment is still an asset.

b. Coronado pays its employees each Friday. The amount of the weekly payroll is $2,000 for a five-day workweek, and the daily salary amounts are equal. The current accounting period ends on Monday

c. Coronado has loaned out money, receiving notes receivable. During the current year, the entity has earned accrued interest revenue of $737, which it will collect next year.

d. The beginning balance of Supplies was $2.680. During the year, the entity purchased supplies costing $6.180, and at December 31. the cost of supplies on hand is $2.150.

e. Coronado is servicing the air-conditioning system in a large building, and the owner of the building paid Coronado $12.900 as the annual service fee. Coronado recorded this amount as Unearned Service Revenue. Enrique Coronado, the owner, estimates that the company has earned one-fourth the total fee during the current year.

f. Depreciation for the current year includes Equipment. $3.850; Trucks. $10.320. Make a compound entry, as illustrated in Chapter 2.