Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the independent cases affecting Woolton Corporation. Include an explanation for each entry. a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $3,000 and a debit to the account on March 31 for $3,800 to record the payment of an annual insurance premium. At December 31, $1,300 is still prepaid. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Dec Date Journal Entry Accounts and Explanation 31 Debit Credit Cases a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan Mar 1 Bal 31 3,000 3,800 b. Woolton pays employees each Friday. The amount of the weekly payroll is $5,900 for a five-day work week. The current accounting period ends on a Wednesday. Journal Entry Date Accounts and Explanation Dec 31 Debit Credit c. Woolton has a note receivable. During the current year, Woolton has earned accrued interest revenue of $700 that it will collect next year. Journal Entry Woolton prepays insurance on March 31 each year. At December 31, $1,300 is still prepaid. b. Woolton pays employees each Friday. The amount of the weekly payroll is $5,900 for a five-day work week. The current accounting period ends on Wednesday. c. Woolton has a note receivable. During the current year, Woolton has earned accrued interest revenue of $700 that it will collect next year. d. The beginning balance of supplies was $2,800. During the year, Woolton purchased supplies costing $6,200, and at December 31 supplies on hand total $2,200. e. Woolton is providing services for Sea Lion Investments, and the owner of Sea Lion paid Woolton an annual service fee of $11,900. Woolton recorded this amount as Unearned Service Revenue. Woolton estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,400, and Equipment, $6,200. Print Done Date Accounts and Explanation Dec 31 Debit Credit