please refer to requirments.
Question Help P3-59A (book/static) Consider each of the following independent cases (Click the icon to view the independent cases) Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases affecting Castaway Corporation, Include an explanation for each entry a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $2,900 and a debit to the account on March 31 for $4,000 to record the payment of an annual insurance premium Al December 31, $1,700 is still prepaid (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanation Debit Credit to Dec 31 Choose from any list or enter any number in the input fields and then click Check Answer 5 parts remaining Clear All Check Answer o pie a P3 . Cases Cd Re 1. he d a ac (R 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, S1,700 is still prepaid b. Castaway pays employees each Friday. The amount of the weekly payroll is $6,100 for a five-day work week. The current accounting period ends on 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. Cho Print Done 5 Temaming 8 a O BI e P3 Cases Cd 1 Re 1. d a. ac (RI Jan Bal 2.900 Mar 31 4,000 Castaway prepays insurance on March 31 each year At December 31, $1,70d.js still prepaid. b. Castaway pays employees each Friday. The amount of the weekly payroll is $6,100 for a five-day work week. The current accounting period ends on 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. Cha Print Done 5 Temang a O 8 Journal Entry Debit Credit Date Accounts and Explanation Dec 31 Accumulated Depreciation Equipment Accumulated Depreciation-Office Furniture Cash Depreciation Expense-Equipment Depreciation Expense-Office Furniture Equipment Insurance Expense Choose from any list Interest Expense Interest Payable remaining Interest Receivable Interest Revenue click Check Answer. Chech 5 parts O BI e a
