Sweeney \& Allen, a large marketing firm, adjusts its accounts at the end of each month. The following information is avallable for the year ending December 31 . 1. A bank loan had been obtained on December 1. Accrued interest on the loan at December 31 amounts to $1,010. No interest expense has yet been recorded. 2. Depreciation of the firm's office building is based on an estimated life of 30 years. The building was purchased four years ago for $380,000 3. Accrued, but unbilled, revenue during December amounts to $62,000. 4. On March 1, the firm paid $1,300 to renew a 12-month insurance policy. The entire amount was recorded as Prepaid Insurance. 5. The firm recelved $15,000 from King Biscuit Company in advance of developing a six-month marketing campaign, The entire amount was initially recorded as Unearned Revenue. At December 31,$4,300 had actually been earned by the firm. 6. The company's policy is to pay its employees every Friday. Since December 31 fell on a Wednesday, there was an accrued liablity for salaries amounting to $2,000. a. Record the necessary adjusting journal entries on December 31 . b. By how much did Sweeney \& Allen's net income increase or decrease as a result of the adjusting entries performed in part a? (lgnore income taxes.) Complete this question by entering your answers in the tabs below. Record the necessary adjusting journal entries on December 31 . (If no entry is required for a transactionvevent, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollac) Journal entry worksheet 234556 Record interest accrued on bank loan during December. Note: Enter debits beffre credits Sweeney \& Allen, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for the year ending December 31 . 1. A bank loan had been obtained on December 1 . Accrued interest on the loan at December 31 amounts to $1,010. No interest expense has yet been recorded. 2. Depreciation of the firm's office building is based on an estimated life of 30 years. The buliding was purchased four years ago for $380,000. 3. Accrued, but unbilled, revenue during December amounts to $62,000. 4. On March 1, the firm paid $1,300 to renew a 12 -month insurance policy. The entire amount was recorded as Prepaid insurance. 5. The firm recelved $15,000 from King Biscuit Company in advance of developing a six-month marketing campaign. The entire amount was initlally recorded as Unearned Revenue. At December 31,$4,300 had actually been eamed by the firm. 6. The company's policy is to pay its employees every. Friday. Since December 31 fell on a Wednesday, there was an accrued liablity for salaries amounting to $2,000. a. Record the necessary adjusting journal entries on December 31 . b. By how much did Sweeney \& Allen's net income increase or decrease as a result of the adjusting entries performed in part a? (lgnore income taxes.) Complete this question by entering your answers in the tabs below. Record the necessary adjusting journal entries on December 31 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar.) Journal entry worksheet Record depreciation on office building. Wates: Enter deblts before credits. Sweeney \& Allen, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for the year ending December 31. 1. A bank loan had been obtained on December 1. Accrued interest on the loan at December 31 amounts to $1,010. No interest expense has yet been recorded. 2. Depreciation of the firm's office buliding is based on an estimated life of 30 years. The buliding was purchased four years ago for $380,000 3. Accrued, but unbilled, revenue during December amounts to $62,000. 4. On March 1, the firm pald $1,300 to renew a 12 -month insurance policy. The entire amount was recorded as Prepaid insurance. 5. The firm received $15,000 from King Biscuit Company in advance of developing a six-month marketing campaign. The entire amount was initially recorded as Unearned Revenue. At December 31,$4,300 had actually been earned by the firm. 6. The company's policy is to pay its employees every Friday. Since December 31 fell on a Wednesday, there was an accrued liablity for salaries amounting to $2,000. a. Record the necessary adjusting journal entries on December 31. b. By how much did Sweeney \& Allen's net income increase or decrease as a result of the adjusting entries performed in part a? (ignore income taxes.) Complete this question by entering your answers in the tabs below. Record the necessary adjusting journal entries on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest, whole dollar.) Journal entry worksheet Record the accrued marketing revenue earned in December. Notes Enter debits before credita Sweeney \& Allen, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for the year ending December 31 . 1. A bank loan had been obtained on December 1 . Accrued interest on the loan at December 31 amounts to $1,010. No interest expense has yet been recorded. 2. Depreciation of the firm's office building is based on an estimated life of 30 years. The building was purchased four years ago for $380,000 3. Accrued, but unbilled, revenue during December amounts to $62,000. 4. On March 1, the firm paid $1,300 to renew a 12-month insurance policy. The entire amount was recorded as Prepaid Insurance. 5. The firm recelved $15,000 from King Biscuit Company in advance of developing a six-month marketing campaign. The entire amount was initially recorded as Unearned Revenue. At December 31,$4,300 had actually been earned by the firm. 6. The company's policy is to pay its employees every Friday. Since December 31 fell on a Wednesday, there was an accrued liability for salaries amounting to $2,000. a. Record the necessary adjusting journal entries on December 31 . b. By how much did Sweeney \& Allen's net income increase or decrease as a result of the adjusting entries performed in part a? (lgnore income taxes.) Complete this question by entering your answers in the tabs below. Record the necessary adjusting journal entries on December 31 . (If no entry is required for a transaction/event, select "No journal entry Record the necessary adjusting journal entries on December in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole doliar.) Journal entry worksheet