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 Woolton Corporation. Include an explanation for each entry. 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 $3,000 to record the payment of an annual insurance premium. At December 31, $300 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 Dec 31 Debit Credit b. Woolton pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work week. The current accounting period ends on a Thursday. Journal Entry Date Accounts and Explanation Dec 31 Debit Credit