Adjustment for Prepaid Expense

1. The prepaid insurance account had a beginning balance of $8,440 and was debited for $3,800 of premiums paid during the year.

Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $3,920.

Adjustment for Unearned Revenue

2. The balance in the unearned fees account, before adjustment at the end of the year, is $54,620.

Journalize the adjusting entry required, assuming the amount of unearned fees at the end of the year is $26,220.

Adjustment for Accrued Revenues

3. At the end of the current year, $11,600 of fees have been earned but have not been billed to clients.

Journalize the adjusting entry to record the accrued fees.

Adjustment for Accrued Expense

4. Grega Realty Co. pays weekly salaries of $15,750 on Friday for a five-day workweek ending on that day.

Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Tuesday.

Adjustment for Depreciation

5. The estimated amount of depreciation on equipment for the current year is $8,070.

Journalize the adjusting entry to record the depreciation.