Please solve E5-19A

LO3 P3-59A. (Learning Objective 3: Adjust the accounts) Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following indepen dent cases affecting Castaway Corporation. Include an explanation for each entry a. The details of Prepaid Insurance are as follows Prepaid Insurance Jan B2,900 4,000 b. Castaway pays employees each Friday. The amount of the weekly payroll is $6,100 for c. Castaway has a note receivable. During the current year, Castaway has earned accrued d. The beginning balance of supplies was $3,000. During the year, Castaway purchased e. Castaway is providing services for Blue Whale Investments, and the owner of Blue Castaway prepays insurance on March 31 each year. At December 31, $1,700 is still prepaid. a five-day work week. The current accounting period ends on a Wednesday interest revenue of $700 that it will collect next year supplies costing $6,200, and at December 31 supplies on hand total $2,200 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 LO 4,5 E5-19 A. (Learning Objectives 4, 5: Account for accounts receivable and uncollectible receivables) On June 30, Premier Party Planners had a $35,000 balance in Accounts Receivable and a $2,752 credit balance in Allowance for Uncollectible Accounts. During July, Premier made credit sales of $193,000. July collections on account were $164,000 and write-offs of uncollectible receivables totaled $2,870. Uncollectible-accounts expense is estimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold. Requirements 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, 3. Show how Premier Party Planners will report accounts receivable and net sales on its July expense by the allowance method during July. Explanations are not required and Net Accounts Receivable at July 31. How much does Premier expect to collect? 31 balance sheet and income statement for the month ended July 31