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 Jackson Corporation. Include an explanation for each entry. 1 Cases a. De is stil th a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 1 Bal 2,600 Mar 31 3,000 Jackson prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Jackson pays employees each Friday. The amount of the weekly payroll is $6,400 for a five-day work week. The current accounting period ends on Wednesday. c. Jackson has a note receivable. During the current year, Jackson has earned accrued interest revenue of $700 that it will collect next year b. Ja CC d. The beginning balance of supplies was $2,900. During the year, Jackson purchased supplies costing $6,300, and at December 31 supplies on hand total $2,200. e. Jackson is providing services for Sea Lion Investments, and the owner of Sea Lion paid Jackson an annual service fee of $10,900. Jackson recorded this amount as Unearned Service Revenue. Jackson estimates that it has earned 60% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $4,000, and Equipment, $6,000. Print Done for $3,000 to record the payment of an annual insurance premium. At December 31, $800 a. Detals of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of is still prepaid. (Record debits fi 2,600 and a debit to the account on March then credits. Select the explanation on the last line journal entry table.) Journal Entry Date Accounts and Explanation Debit Credit Dec 31 b. Jackson pays employees each Friday. The amount of the weekly payroll is $6,400 for a fivo-day work week. The current accounting period ends on a Wednesday. Journal Entry Credit Date Accounts and Explanation Debit Dec 31 c. Jackson has a note receivable. During the current year, Jackson has earned accrued interest revenue of $700 that it will collect next year. Journal Entry Accounts and Explanation Date Debit Credit Dec 31 d. The beginning balance of supplies was $2,900. During the year, Jackson purchased supplies for $6,300, and at December 31 the supplies on hand total $2,200. Journal Entry Credit Date Accounts and Explanation Debit Dec 31 e. Jackson is providing services for Sea Lion Investments, and the owner the total foe during the current year. f Sea Lion paid Jackson $10,900 as the annual service fee. Jackson recorded this amount as Unearned Service Revenue. Jackson estimates that it has earned 60 % of Journal Entry Accounts and Explanation Date Debit Credit D 31 the current year includes Office Furniture, $4,000, and Equipment, $6,000. (Make one joumal entry for all depreciation.) f. Depreciation Journal Entry Date Accounts and Explanation Debit Credit Dec 31