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 Tiger Corporation. Include an explanation for each entry.

Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $2,700 and a debit to the account on March 31 for $3,700to record the payment of an annual insurance premium. At December 31, $2,000 is still prepaid. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Mar Prepaid insurance Jan 1 Bal 2,700 31 3,700 Tiger prepays insurance on March 31 each year. At December 31, $2,000 is still prepaid. b. Tiger pays employees each Friday. The amount of the weekly payroll is $5,600 for a five-day work week. The current accounting period ends on Monday. c. Tiger has a note receivable. During the current year, Tiger has earned accrued interest revenue of $600 that it will collect next year. d. The beginning balance of supplies was $2,900. During the year, Tiger purchased supplies costing $6,300, and at December 31 supplies on hand total $2,100. e. Tiger is providing services for Shark Investments, and the owner of Shark paid Tiger an annual service fee of $11,400. Tiger recorded this amount as Unearned Service Revenue. Tiger estimates that it has earned 60% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, S6,200