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 Rowling Corp. 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 $3,300 to record the payment of an annual insurance premium. At December 31, $200 is still prepaid. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Accounts and Explanation Date 31 Insurance Expense Prepaid Insurance Debit 5200 Credit 5200 Cases a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 1 Bal Mar 31 2,100 3,300 Rowling prepays insurance on March 31 each year. At December 31, $200 is still prepaid. b. Rowling pays employees each Friday. The amount of the weekly payroll is $5,000 for a five-day work week. The current accounting period ends on Monday. c. Rowling has a note receivable. During the current year, Rowling has earned accrued interest revenue of $400 that it will collect next year. d. The beginning balance of supplies was $2,700. During the year, Rowling purchased supplies costing $6,400, and at December 31 supplies on hand total $2,100. e. Rowling is providing services for Lion Investments, and the owner of Lion paid Rowling an annual service fee of $10,600. Rowling recorded this amount as Unearned Service Revenue. Rowling 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, $6,100. Print Done