Question & Answer: Jounalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases affect…..

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Jounalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases affecting Nickelson Corporation Include an explanation for each entry (Click the icon to view the independent cases) Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases aflecting Nickelson Corporation. Include an explanation for each entry (Record debits first, then credits Select the explanation on the last line of the journal entry table ) a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $2,800 and a debit to the account on March 31 for $3,000 to record the payment of an annual insurance premium. At December 31, $900 is still prepaid. Journal Entry Date Accounts and Explanation Debit Credit Dec 31 Insurance Expense Prepaid Insurance 900