Recorded a $$4,500$ purchase of merchandise that actually applies to next year.

Accrued $$250$ of interest revenue that actually applies to next year.

Failed to accrue wages of $$2,000.$

Purchased a two year insurance policy for $$2,000,$ and incorrectly expensed the full amount.

Received a $$50,000$ prepayment for future services, and incorrectly recorded it as revenue.

 

 

Required:

$1.$ Prepare the journal entries necessary to make these corrections.