LO 3 P3-61A. (Learning Objective 3: Adjust the accounts) Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following indepen- dent cases affecting Castaway Corporation. Include an explanation for each entry. a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 1 Bal 2,900 Mar 31 4,000 Castaway prepays insurance on March 31 each year. At December 31, $1,700 is still prepaid. b. Castaway pays employees each Friday. The amount of the weekly payroll is $6,100 for a five-day workweek. The current accounting period ends on a Wednesday. c. Castaway has a note receivable. During the current year, Castaway has earned accrued interest revenue of $700 that it will collect next year. d. The beginning balance of supplies was $3,000. During the year, Castaway purchased supplies costing $6,200, and at December 31 supplies on hand total $2,200. e. Castaway is providing services for Blue Whale Investments, and the owner of Blue Whale paid Castaway an annual service fee of $10,500. Castaway recorded this amount as Unearned Service Revenue. Castaway estimates that it has earned 60% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,800, and Equipment, $5,400