Lorring Landscaping has collected the following data for the December 31 adjusting entries: O (Click the icon to view the independent cases.) Read the requirements. Requirement 1. Journalize the adjusting entry needed on December 31 for each of the items affecting Lorring Landscaping. Assume Lorring records adjusting entries only at the end of the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Each Friday, Lorring pays employees for the current week's work. The amount of the weekly payroll is $6,500 for a five-day workweek. This year December 31 falls on a Wednesday. Lorring will pay its employees on January 2. Date Accounts and Explanation Debit Credit Dec. 31 b. On January 1 of the current year, Lorring purchases an insurance policy that covers two years, $5,500. (When the policy was purchased on January 1, assume that Lorring debited an asset account.) Date Accounts and Explanation Debit Credit Dec. 31 c. The beginning balance of Office Supplies was $4,100. During the year, Lorring purchased office supplies for $5,000, and at December 31 the office supplies on hand total $1,400. (Assume that Lorring debits an asset account when supplies are purchased.) Date Accounts and Explanation Debit Credit Dec. 31 d. During December, Lorring designed a landscape plan and the client prepaid $5,000. Lorring recorded this amount as Unearned Revenue. The job will take several months to complete, and Lorring estimates that the company has earned 70% of the total revenue during the curre vear Date Accounts and Explanation Debit Credit Dec. 31 e. At December 31, Lorring had earned $1,500 for landscape services completed t Moving On Up Appliances. Moving On Up has stated that it will pay Lorring on January 10. Date Accounts and Explanation Debit Credit Dec. 31 f. Depreciation for the current year includes Equipment, $3,100; and Trucks, $2.200. (Prepare a compound entry to record depreciation on both the equipment and the trucks.) Date Accounts and Explanation Debit Credit Dec. 31 g. Lorring has incurred $800 of interest expense on a $1,000 interest payment due on January 15. Date Accounts and Explanation Debit Credit Dec 31 Requirement 2. Journalize the subsequent journal entries for adjusting entries a, d, and g. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Each Friday, Lorring pays employees for the current week's work. The amount of the weekly payroll is $6,500 for a five-day workweek. This year December 31 falls on a Wednesday. Lorring will pay its employees on January 2. Joumalize the subsequent joumal entry that Lorring will record on January 2. Date Accounts and Explanation Debit Credit Jan. 2 d. During December, Lorring designed a landscape plan and the client prepaid $5,000. Lorring recorded this amount as Unearned Revenue. The job will take several months to complete, and Lorring estimates that the company has earned 70 percent of the total revenue during the current year. Journalize the subsequent journal entry that Lorring will record when the job is complete. Date Accounts and Explanation Debit Credit g. Lorring has incurred $800 of interest expense on a $1,000 interest payment due on January 15. Journalize the subsequent journal entry that Lorring will record on January 15. Date Accounts and Explanation Debit Credit Jan. 15 a. Each Friday, Loring pays employees for the current week's work. The amount of the weekly payroll is $6,500 for a five-day workweek. This year December 31 falls on a Wednesday. Lorring will pay its employees on January 2. b. On January 1 of the current year, Lorring purchases an insurance policy that covers two years, $5,500. c. The beginning balance of Office Supplies was $4,100. During the year, Lorring purchased office supplies for $5,000, and at December 31 the office supplies on hand total $1,400. d. During December, Lorring designed a landscape plan and the client prepaid $5,000. Lorring recorded this amount as Uneamed Revenue. The job will take several months to complete, and Lorring estimates that the company has earned 70% of the total revenue during the current year. e. At December 31, Lorring had earned $1,500 for landscape services completed for Moving On Up Appliances. Moving On Up has stated that it will pay Lorring on January 10. f. Depreciation for the current year includes Equipment, $3,100; and Trucks, $2,200. g. Lorring has incurred $800 of interest expense on a $1,000 interest payment due on January 15.