Consider each of the following independent cases: i (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 Nickelson 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 $2,600 and a debit to the account on March 31 for $3,700 to record the payment of an annual insurance premium. At December 31, $800 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 Cases a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 1 Bal 2,600 Mar 31 3,700 Nickelson prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Nickelson pays employees each Friday. The amount of the weekly payroll is $5,900 for a five-day work week. The current accounting period ends on Thursday. c. Nickelson has a note receivable. During the current year, Nickelson has earned accrued interest revenue of $700 that it will collect next year. d. The beginning balance of supplies was $2,900. During the year, Nickelson purchased supplies costing $6,300, and at December 31 supplies on hand total $2,300. e. Nickelson is providing services for Sting Ray Investments, and the owner of Sting Ray paid Nickelson an annual service fee of $11,800. Nickelson recorded this amount as Unearned Service Revenue. Nickelson estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, $6,400