> Problems Group A Learning objective 3 P3-33A Journalizing adjusting entries and subsequent journal entries 1. b. DR Insurance Expense, \$4,500 Laughter Landscaping has collected the following data for the December 31 adjusting entries: a. Each Friday, Laughter pays employees for the current weck's work, The amount of the weekly payroll is $7,000 for a five-day workweek. This year December 31 falls on a Wednesday. Laughter will pay its employees on January 2. b. On January 1 of the current year, Laughter purchases an insurance policy that covers two years, $9,000. c. The beginning balance of Office Supplies was $4,000. During the year, Laughter purchased office supplies for $5,200, and at December 31 the office supplies on hand total $2,400. d. During December, Laughter designed a landscape plan and the client prepaid $7,000. Laughter recorded this amount as Unearned Revenue. The job will take several months to complete, and Laughter estimates that the company has carned 40% of the total revenue during the current year. c. At December 31, Laughter had carned $3,$00 for landscape services completed for Turnkey Appliances. Turnkey has scared that they will pay Laughter on January 10. f. Depreciation for the current year includes Equipment, $3,700; and Trucks, $1,300. g. Laughter has incurred $300 of interest expense on a $450 interest payment due on January 15. Requirements 1. Journalize the adjusting encry needed on December 31 , for each of the previous items affecting Laughter Landscaping. Assume Laughter records adjusting entrics only at the end of the year. Requirement 1 only