Depreciation for the current year includes Equipment, $2,400.Each Monday, College Park pays employees for the previous weekâ€™s work. The amount of weekly payroll is $5,600 for seven-day workweek (Monday to Sunday). This year December 31 falls on Thursday.The beginning balance of Office Supplies was $2,500. During the year, College Park purchased office supplies for $3,000, and at December 31 the office supplies on hand totaled $1,700.College Park prepaid a two full yearâ€™s insurance on August 1 of the current year, $5,280. Record insurance expense for the year ended December 31.College Park had earned $3,200 of unearned revenue.College Park had incurred (but not recorded) $150 of interest expense on a note payable. The interest will not be paid until February 28.College Park billed customers, $6,000 for wielding services performed.Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries.
Depreciation for the current year includes Equipment, $2,400.Each Monday, College Park pays employee
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