P-F:3-35B Journalizing adjusting entries and subsequent journal entries Eli Legal Services has the following data for the December 31 adjusting entries: a. Each Friday, Eli Legal Services 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. Eli Legal Services will pay its employees on January 2. b. On January 1 of the current year, Eli Legal Services purchases an insurance policy that covers two years, $5,500. c. The beginning balance of Supplies was $4,200. During the year, Eli Legal Services purchased supplies for $5,100, and at December 31 the supplies on hand total $2,400. d. During December, Eli Legal Services provided legal services and the client prepaid $9,000. Eli Legal Services recorded this amount as Unearned Revenue. The job will take several months to complete, and Eli Legal Services estimates that the company has earned 70% of the total revenue during the current year. e. At December 31, Eli Legal Services had earned $4,000 for legal services completed for Seguin Appliances. Seguin Appliances has stated that it will pay Eli Legal Services on January 10. f. Depreciation for the current year includes Equipment, $3,600; and Furniture, $1,400. g. Eli Legal Services has incurred $200 of interest expense on a $500 interest payment due on January 15.

F:335B Journalizing adjusting entries and subsequent journal entries Eli Legal Services has the following data for the December 31 adjusting entries: a. Each Friday, Eli Legal Services 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. Eli Legal Services will pay its employees on January 2. b. On January 1 of the current year, Eli Legal Services purchases an insurance policy that covers two years, $5,500. c. The beginning balance of Supplies was $4,200. During the year, Eli Legal Services purchased supplies for $5,100, and at December 31 the supplies on hand total $2,400. d. During December, Eli Legal Services provided legal services and the client prepaid $9,000. Eli Legal Services recorded this amount as Unearned Revenue. The job will take several months to complete, and Eli Legal Services estimates that the company has earned 70% of the total revenue during the current year. e. At December 31, Eli Legal Services had earned $4,000 for legal services completed for Seguin Appliances. Seguin Appliances has stated that it will pay Eli Legal Services on January 10. f. Depreciation for the current year includes Equipment, $3,600; and Furniture, $1,400. g. Eli Legal Services has incurred $200 of interest expense on a $500 interest payment due on January 15