a.

Hi, I need the below problem solved ASAP for MBA 560, Financial and Managerial Accounting.

Journalize the adjusting entry needed on December 31, end of the current accounting period, for each of the following independent cases affecting Tiger Corp. Include an explanation for each entry. Record debits first then credits. Explanations will appear on the last line of the journal entry.

Details of Prepaid Insurance are shown in the account:

Prepaid Insurance
Jan	1	Bal	1,200
March	31		3,600

Tiger prepays insurance on March 31 each year. At December 31, $900 is still prepaid.

b.

Tiger pays employees each Friday. The amount of the weekly payroll is $5,600 for a five-day work week. The current accounting period ends on Monday.

c.

Tiger has a note receivable. During the current year, Tiger has earned accrued interest revenue of $700 that it will collect next year.

d.

The beginning balance of supplies was $2,500. During the year, Tiger purchased supplies costing $6,400 and at December 31 supplies on hand total $2,200.

e.

Tiger is providing services for Orca Investments, and the owner of Orca paid Tiger $11,800 as the annual service fee. Tiger recorded this amount as Unearned Service Revenue. Tiger estimates that it has earned 60% of the total fee during the current year.

f.

Depreciation for the current year includes Office Furniture, $3,700 and Equipment, 5,800. Make a compound entry.