Consider the following situations for College Park Welding Services: (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Depreciation for the current year includes Equipment. $2.000. Date (a) Dec. 31 Accounts and Explanation Depreciation Expense-Equipment Accumulated Depreciation-Equipment Debit Credit To record depreciation on equipment. b. Each Monday, College Park pays employees for the previous week's work. The amount of weekly payroll is $4,200 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on Thursday. Accounts and Explanation Date Debit Credit (b) Dec. 31 c. The beginning balance of Office Supplies was $3,000. During the year, College Park purchased office supplies for $3,300, and at December 31 the office supplies on hand totaled $2,000. (Assume that College Park debits an asset account when supp Accounts and Explanation Credit Date (c) Dec. 31 Debit d. College Park prepaid a two full years' insurance on April 1 of the current year, $5,280. Record insurance expense for the year ended December 31. (When the policy was purchased on April 1, assume that College Park debited an asset account.) Date Accounts and Explanation Debit Credit (d) Dec. 31 e. College Park had earned $3,800 of unearned revenue. (When the cash was received, assume that a liability account was credited.) Date (e) Dec. 31 Accounts and Explanation Debit Credit f. College Park had incurred (but not recorded) $120 of interest expense on a note payable. The interest will not be paid until February 28. Date Accounts and Explanation Debit Credit (f)Dec. 31 g. College Park billed customers $5,000 for welding services performed. Date (9) Dec. 31 Accounts and Explanation Debit Credit More Info a. Depreciation for the current year includes equipment, $2,000. b. Each Monday, College Park pays employees for the previous week's work. The amount of weekly payroll is $4,200 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on Thursday. c. The beginning balance of Office Supplies was $3,000. During the year. College Park purchased office supplies for $3,300, and at December 31 the office supplies on hand totaled $2,000. d. College Park prepaid a two full years' insurance on April 1 of the current year, $5,280. Record insurance expense for the year ended December 31. e. College Park had earned $3.800 of unearned revenue. f. College Park had incurred (but not recorded) $120 of interest expense on a note payable. The interest will not be paid until February 28 g. College Park billed customers $5,000 for welding services performed. Print Done