Joumalize the adjusting entry needed at December 31, the end of the current accounting year, for each of the following independent cases affecting Extreme Sports, Inc. No other adjusting entries have been made for the year (Record debits first, then credits Exclude explanations from any journal entries.) (Click the icon to view the independent cases) a. Prior to making the adjusting entry on December 31, the balance in Prepaid insurance is $5,400. Extreme Sports, Inc pays liability insurance each year on June 1. More info a. Prior to making the adjusting entry on December 31, the balance in Prepaid insurance is $5,400 Extreme Sports, Inc., pays hability insurance each year on June 1 b. Extreme Sports, Inc., pays employees each Friday. The amount of the weekly payroll is $6,500 for a five-day workweek. December 31, the fiscal year-end, is a Monday c. Extreme Sports, Inc.. received notes receivable from some customers for services provided. For the current year, accrued interest amounts to $875 and will be collected next year d. The beginning balance of Supplies was $2,700. During the year, $3,900 of supplies were purchased. At December 31, the supplies on hand total $2,200 e. During the year, Extreme Sports, Inc, received $9,100 in advance for services to be provided at a later date. As of December 31. Extreme Sports, Inc., earned $7,700 of the total fees received in advance during the current year f. Depreciation for the current year includes Vehicles, $2,850, and Equipment $1,700. - X Print Done