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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 independent cases affecting Callasway Corporation. Include an explanation for each entry. CHICCER a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $2,100 and a debit to the account on March 31 for $3,200 to record the payment of an annual insurance premium. At December 31, $700 is still prepaid. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanation Debit Credit Dec 31 b. Callasway pays employees each Friday. The amount of the weekly payroll is $5,800 for a five-day work week. The current accounting period ends on a Wednesday. Journal Entry Date Accounts and Explanation Debit Credit Dec 31 c. Callasway has a note receivable. During the current year, Callasway has earned accrued interest revenue of $500 that it will collect next year. Journal Entry Accounts and Explanation Debit Credit Date Dec d. The beginning balance of supplies was $2,900. During the year, Callasway purchased supplies for $6,300, and at December 31 the supplies on hand total $2,400. Journal Entry Date Accounts and Explanation Debit Credit Dec 31 e. Callasway is providing services for Dolphin Investments, and the owner of Dolphin paid Callasway $11,000 as the annual service fee. Callasway recorded this amount as Unearned Service Revenue Callasway estimates that it has earned 70% of the total fee during the current year. Journal Entry Date Accounts and Explanation Debit Credit Dec 31 f. Depreciation for the current year includes Office Furniture, $3,400, and Equipment, $5,900. (Make one journal entry for all depreciation.) Journal Entry Date Accounts and Explanation Debit Credit Dec 31 Cases a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 1 Bal 2,100 Mar 31 3,200 Callasway prepays insurance on March 31 each year. At December 31, $700 is still prepaid. b. Callasway pays employees each Friday. The amount of the weekly payroll is $5,800 for a five-day work week. The current accounting period ends on Wednesday. c. Callasway has a note receivable. During the current year, Callasway has earned accrued interest revenue of $500 that it will collect next year. d. The beginning balance of supplies was $2,900. During the year, Callasway purchased supplies costing $6,300, and at December 31 supplies on hand total $2,400. e. Callasway is providing services for Dolphin Investments, and the owner of Dolphin paid Callasway an annual service fee of $11,000. Callasway recorded this amount as Unearned Service Revenue. Callasway estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,400, and Equipment, $5,900