a. Details of Prepaid Insurance are shown in the account: Prepaid Insurance Jan 1 Bal. 1,200 Mar 31 3,500 Jackson prepays insurance on March 31 each year. At December 31, $875 is still prepaid. b. Jackson pays employees each Friday. The amount of the weekly payroll is $6,000 for a five-day work week. The current accounting period ends on Monday. C. Jackson has a note receivable. During the current year, the company has earned accrued interest revenue of $510 that it will receive next year. d. The beginning balance of Supplies was $2,700. During the year, Jackson purchased supplies costing $5,800, and at December 31 supplies on hand is $1,400. e. Jackson is providing financial services for Orca Investments Inc., and the owner of Orca paid Jackson $10,500 as the annual service fee. Jackson recorded this amount as Unearned Service Revenue. Jackson estimates that it has earned one-third of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $1,200 and Equipment, $2,660. Make a compound entry. (For your convenience, the descriptions of the transactions shown in this pop-up have been fully integrated into the directions for each journal entry so you may now close the pop-up while solving this problem.) Requirement 1. Journalize the adjusting entry needed on December 31, 2017, end of the current accounting period, for each of the following independent cases affecting Jackson Corp. Include an explanation for each entry. (Record debits first, then credits. Enter explanations on the last line.) a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $1,200 and a debit to the account on March 31 for $3,500 to record the payment of an annual insurance premium. At December 31, 2017, $875 is still prepaid. Record the insurance expense for the year ended December 31, 2017 Journal Entry Date Accounts and Explanation Debit Credit December 31 b. Jackson pays employees each Friday. The amount of the weekly payroll is $6,000 for a five-day work week. The end of the current accounting period falls on a Monday Record the accrual for salaries at the end of the period. Journal Entry Date Accounts and Explanation Debit December Credit 31 c. Jackson has a note receivable. During the current year, the company has earned accrued interest revenue of $510 that it will receive next year. Record the earning of interest on the note receivable. Journal Entry Date Accounts and Explanation Debit Credit December 31 d. The beginning balance of supplies was $2,700. During the year, Jackson purchased supplies for $5,800, and at December 31 the supplies on hand is $1,400. Record the necessary entry to adjust the Supplies account at the end of the year. Journal Entry Date Accounts and Explanation Debit Credit December 31 e. Jackson is providing financial services for Orca Investments Inc., and the owner of Orca paid Jackson $10,500 as the annual service fee. Jackson recorded this amount as Unearned Service Revenue. Jackson estimates that it has earned one-third of the total fee during the current year. Record the entry at the end of the year. Journal Entry Date Accounts and Explanation Debit Credit December 31 Denreciation for the current wear includes Office Furniture $1200 and Fouinment S2 An Make a comund entry f. Depreciation for the current year includes Office Furniture, $1,200 and Equipment, $2,660. Make a compound entry. Record the compound entry to record the depreciation. Journal Entry Date Accounts and Explanation Debit Credit December 31