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journalize the adjusting entry needed on December 31, 2017, end of the current accounting period, for each of the following independent cases affecting Jackson corp.
journalize the adjusting entry needed on December 31, 2017, end of the current accounting period, for each of the following independent cases affecting Jackson corp.
Include explanation for each entry (record debits first, then credits)
a. Details of Prepaid Insurance are shown in the account: Prepaid Insurance Jan. 1 Bal. 1,100 Mar. 31 3,200 Jackson prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Jackson pays employees each Friday. The amount of the weekly payroll is $6,000 for a five-day work week. The current accounting period ends on Thursday. c. Jackson has a note receivable. During the current year, the company has earned accrued interest revenue of $510 that it will receive next year. d. The beginning balance of Supplies was $3,100. During the year, Jackson purchased supplies costing $6, 100, and at December 31 supplies on hand is $1,700. e. Jackson delivered goods to a customer on December 31, 2020. On January 2, it invoiced the customer $11,700 for these goods. f. Depreciation for the current year includes Office Furniture, $950, and Equipment, $2,670. Make a compound entry
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