Payroll for the month of December in the amount of $275,000 will be paid on January 6.

The beginning balance of the prepaid insurance account was related to the annual liability policy that was purchased on

September 1, 20YS. Morrow Enterprises renewed the policy on September 1, 206 for $126,000.

Physical count of the office supplies shows an inventory of $125,000.

The equipment has a 4 year life, is being depreciated using the double declining balance method and was purchased on January 3, 20Y5.

The note receivable was received from a customer that needed time to pay their balance. The 5% note has a 5 month term and was received on October 1, 206.

The note payable was signed on December 31, 20yS and has an interest rate of 1%. Interest for 206 will be paid in early January.

(Equipment balance in ledger is 1,500,000, notes payable was 1,000,000)

Please help me journalize these entries