More info a. Prior to making the adjusting entry on December 31, the balance in Prepaid insurance is $3,600. Outdoor Adventures, Inc., pays liability insurance each year on February 1. b. Outdoor Adventures, Inc., pays employees each Friday. The amount of the weekly payroll is $15,000 for a five-day workweek. December 31, the fiscal year-end, is a Wednesday. c. Outdoor Adventures, Inc., received notes receivable from some customers for services provided. For the current year, accrued interest amounts to $300 and will be collected next year. d. The beginning balance of Supplies was $1,100. During the year, $3,900 of supplies were purchased. At December 31, the supplies on hand total $2,500. e. During the year, Outdoor Adventures, Inc., received $17,200 in advance for services to be provided at a later date. As of December 31, Outdoor Adventures, Inc., earned $13,000 of the total fees received in advance during the current year. f. Depreciation for the current year includes Vehicles, $2,490, and Equipment, $1,900. Print Done More info a. Prior to making the adjusting entry on December 31, the balance in Prepaid insurance is $3,600. Outdoor Adventures, Inc., pays liability insurance each year on February 1. b. Outdoor Adventures, Inc., pays employees each Friday. The amount of the weekly payroll is $15,000 for a five-day workweek. December 31, the fiscal year-end, is a Wednesday. c. Outdoor Adventures, Inc., received notes receivable from some customers for services provided. For the current year, accrued interest amounts to $300 and will be collected next year. d. The beginning balance of Supplies was $1,100. During the year, $3,900 of supplies were purchased. At December 31, the supplies on hand total $2,500. e. During the year, Outdoor Adventures, Inc., received $17,200 in advance for services to be provided at a later date. As of December 31, Outdoor Adventures, Inc., earned $13,000 of the total fees received in advance during the current year. f. Depreciation for the current year includes Vehicles, $2,490, and Equipment, $1,900. Print Done