jays con

Journalize the following December 31 transactions for Jay's Construction. For each of the following, write the journal entry in good form on the paper provided. 1. Equipment costs $50,000 and is expected to be useful for 5 years, at which time it will have on residual value. Calculate and record amortization for the current year. 2. Jay's Construction collected $35,000 cash for a contract job to start in Jan. 3. Jay's Construction prepaid one year of insurance coverage on March 1 of the current year for $12,000. Record insurance expense for the year ended December 31. 4. Each Monday, Jay's Construction pays its employees for the previous week. The weekly pay is $6500 for a 5 day work week (Mon-Fri). This year December 31 falls on a Wednesday. 5. Jay's Construction has incurred $750 of interest on a note payable that will be paid in the following year