Requirement 1. Journalize the adjusting entry needed on December 31,2020 , the end of the current accounting explanation for each entry. (Record debits first, then credits. Enter explanations on the last line.) a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $1,000 and premium. At December 31,2020,$800 is still prepaid. Record the insurance expense for the year ended December 31,2020. b. Rowling pays employees each Friday. The amount of the weekly payroll is $5,800 for a five-day work week. The en Record the accrual for salaries at the end of the period. c. Rowling has a note receivable During the current year, the company has eamed accrued interest revenue of $490 Record the earning of interest on the note receivable. f. Depreciation for the current year includes Office Furniture, $960, and Equipment, $2,670. Make a compound en Record the compound entry to record the depreciation. d. The beginning balance of supplies was $3,100. During the year, Rowling purchased supplies for $6,500, and at December 3 Record the necessary entry to adjust the Supplies account at the end of the year. e. Rowling delivered goods to a cusfomer on December 31,2020 . On January 2 , it invoiced the customer $11,100 for these goo Record the entry at the end of the year Independent Cases a. Details of Prepaid Insurance are shown in the account: Rowling prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Rowling pays employees each Friday. The amount of the weekly payroll is $5,800 for a five-day work week. The current accounting period ends on Thursday. c. Rowling has a note receivable. Durng the current year, the company has eamed accrued interest revenue of $490 that it will receive next year. d. The beginning balance of Supplies was $3,100. During the year, Rowling purchased supplies costing $6,500, and at December 31 supplies on hand is $2,100 e. Rowling delivered goods to a customer on December 31,2020. On January 2, it invoiced the customer $11,100 for these goods. f. Depreciation for the current year includes Office Furniture, \$960, and Equipment, \$2,670 Make a compound entry