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I am having trouble solving this accounting question: Journalize the adjusting entry needed at December 31, the end of the current accounting year, for each
I am having trouble solving this accounting question:
Journalize the adjusting entry needed at December 31, the end of the current accounting year, for each of the following independent cases affecting Crater Alley. Inc. No other adjusting entries have been made for the year. {Record debits first, then credits. Exclude explanations from any journal entries.) Prior to making the adjusting entry on December 31, the balance in Prepaid insurance is $2.400. Crater Alley. Inc. pays liability insurance each year on April 1. Crater Alley. Inc pays employees each Friday. The amount of the weekly payroll is $18. Crater Alley, Inc. received notes receivable from some customers for services provide. Prior to making the adjusting entry on December 31, the balance in Prepaid insurance is $2.400. Crater Alley. Inc., pays liability insurance each year on April 1. Crater Alley. Inc., pays employees each Friday. The amount of the weekly payroll is $18.000 for a five-day workweek. December 31, the fiscal year-end, is a Wednesday. Crater Alley. Inc., received notes receivable from some customers for services provided. For the current year, accrued interest amounts to $280 and will be collected next year. The beginning balance of Supplies was $1, 200. During the year, $3, 500 of supplies were purchased. At December 31, the supplies on hand total $2.300. During the year. Crater Alley. Inc., received $12, 800 in advance for services to be provided at a later date. As of December 31. Crater Alley. Inc., earned $4, 700 of the total fees received in advance during the current year. Depredation for the current year includes Vehicles, $2, 850, and Equipment, $1, 500
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