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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. a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $2,200 and a debit to the account on March 31 for $3,300 to record the payment of an annual insurance premium. At December 31, $1,100 is still prepaid. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Credit Date Dec Journal Entry Accounts and Explanation Insurance Expense Prepaid Insurance Debit 4400 31 4400 To record insurance expense. b. Tiger pays employees each Friday. The amount of the weekly payroll is $6,400 for a five-day work week. The current accounting period ends on a Monday. Journal Entry Date Accounts and Explanation Debit Credit Dec 31 c. Tiger has a note receivable. During the current year, Tiger has earned accrued interest revenue of $500 that it will collect next year. Journal Entry Accounts and Explanation Debit Credit Date Dec 31 d. The beginning balance of supplies was $3,000. During the year, Tiger purchased supplies for $6,100, and at December 31 the supplies on hand total $2,300. Journal Entry Accounts and Explanation Debit Credit Date Dec 31 e. Tiger is providing services for Orca Investments, and the owner of Orca paid Tiger $10,100 as the annual service fee. Tiger recorded this amount as Unearned Service Revenue. Tiger estimates that it has earned 80% of the total fee during the current year. Journal Entry Accounts and Explanation Debit Credit Date Dec 31 f. Depreciation for the current year includes Office Furniture, $3,300, and Equipment, $6,300. (Make one journal entry for all depreciation.) Journal Entry Accounts and Explanation Debit Credit Date Dec 31

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