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question journalize the adjusting entry needed on december 31 end of the current acc 4294284


Journalize the adjusting entry needed on December 31, end of the current accounting period, for each-of the following independent cases affecting First Bancorp, Inc. Details of Prepaid Insurance shown in the account: First Bancorp prepays insurance each year on March 31. First Bancorp pays employees each Friday. The amount of the weekly payroll is $6,000 for a 5-day work week, and the daily salary amounts are equal. The current accounting period ends on Thursday. First Bancorp has loaned money, receiving notes receivable. During the current year, the entity has earned accrued interest revenue of $509 that it will receive next year. The beginning balance of supplies was $2, 680. During the year. First Bancorp purchased supplies costing $6, 180, and at December 31 the cost of supplies on hand is $2, 150. First Bancorp is providing financial services for Manatee Investments, and the owner of Manatee paid First Bancorp $12, 900 as the annual service fee. First Bancorp recorded this amount as Unearned Service Revenue. First Bancorp estimates that the bank has earned one-fourth of the total fee during the current year. Depredation for the current year includes Office Furniture, $700; Equipment, $2, 730; and Business $ 10, 320. Make a compound entry.

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