din View History Bookmarks Window Help new noct.meducation.com 4 Homework Seved Help ences Sweeney & Allen, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for the year ending December 31 1. A bank loan had been obtained on December 1. Accrued interest on the loan at December 31 amounts to $1,160. No interest expense has yet been recorded. 2. Depreciation of the firm's office building is based on an estimated life of 30 years. The building was purchased four years ago for $320,000 3. Accrued, but unbilled, revenue during December amounts to $65,000 4. On March 1, the firm paid $1700 to renew a 12-month insurance policy. The entire amount was recorded as Prepaid Insurance. 5. The firm received $15,000 from King Biscuit Company in advance of developing a six-month marketing campaign. The entire amount was initially recorded as Unearned Revenue. At December 31, $3,100 had actually been earned by the firm. 6. The company's policy is to pay its employees every Friday. Since December 31 fell on a Wednesday, there was an accrued liability for salaries amounting to $1,600. a. Record the necessary adjusting journal entries on December 31 b. By how much did Sweeney & Allen's net income increase or decrease as a result of the adjusting entries performed in parta? Ognore Income taxes.) Complete this question by entering your answers in the tabs below. Required Required Record the necessary adjusting journal entries on December 31. (at no entry is required for a transaction/event, select "No joumal entry required in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dolar) View transaction lit GE 18 MacBook Air 80 F3 + 3 $ 4 % 5 a > & 7 2 6 8 9 0 L Q W E R T Y U 1 O P S D F