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 GreensGreens Corporation. Include an explanation for each entry.

a.

The details of Prepaid Insurance are as follows:

Prepaid Insurance
Jan	1	Bal	2,200
Mar	31		3,300

GreensGreens

prepays insurance on

MarchMarch

31 each year. At

December 31December 31,

$ 400$400

is still prepaid.

b.

GreensGreens

pays employees each Friday. The amount of the weekly payroll is

$ 5 comma 700$5,700

for a five-day work week. The current accounting period ends on

TuesdayTuesday.

c.

GreensGreens

has a note receivable. During the current year,

GreensGreens

has earned accrued interest revenue of

$ 400$400

that it will collect next year.

d.

The beginning balance of supplies was

$ 2 comma 900$2,900.

During the year,

GreensGreens

purchased supplies costing

$ 6 comma 100$6,100,

and at

December 31December 31

supplies on hand total

$ 2 comma 100$2,100.

e.

GreensGreens

is providing services for

OrcaOrca

Investments, and the owner of

OrcaOrca

paid

GreensGreens

an annual service fee of

$ 12 000$12,000.

GreensGreens

recorded this amount as Unearned Service Revenue.

GreensGreens

estimates that it has earned

80 %80%

of the total fee during the current year.

f.

Depreciation for the current year includes Office Furniture,

$ 3500 . $3,500,

and Equipment,

$ 6 200$6,200.

a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $ 2200 and a debit to the account on March 31 for $ 3300 to record the payment of an annual insurance premium. At December 31, $ 400 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 Dec 31 Insurance Expense 5100 Prepaid Insurance 5100

b. Greens pays employees each Friday. The amount of the weekly payroll is $ 5700 for a five-day work week. The current accounting period ends on a Tuesday. Journal Entry Date Accounts and Explanation Debit Credit Dec 31 Salary Expense 5700 Salary Payable 5700

c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of $ 400 that it will collect next year. Journal Entry Date Accounts and Explanation Debit Credit Dec 31

d. The beginning balance of supplies was $ 2900. During the year, Greens purchased supplies for $ 6100, and at December 31 the supplies on hand total $2100. Journal Entry Date Accounts and Explanation Debit Credit Dec 31

e. Greens is providing services for Orca Investments, and the owner of Orca paid Greens $ 12000 as the annual service fee. Greens recorded this amount as Unearned Service Revenue. Greens estimates that it has earned 80 % of the total fee during the current year. Journal Entry Date Accounts and Explanation Debit Credit Dec 31

f. Depreciation for the current year includes Office Furniture, $ 3 comma 500, and Equipment, $ 6200. (Make one journal entry for all depreciation.) Journal Entry Date Accounts and Explanation Debit Credit Dec 31