. Diane Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following:

a. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year.

b. At year-end, the company had earned interest revenue of $1,500. The cash will be collected March 1 of next year.

2. Aubrae Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following:

a. A two-year insurance premium of $4,800 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1.

b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents.

Shipping supplies on hand, January 1 of the current year	$	13,000
Purchases of shipping supplies during the current year		75,000
Shipping supplies on hand, counted on December 31 of the current year		20,000