For each of the following, journalize the necessary adjustin…
For each of the following, journalize the necessary adjusting entry: A business pays weekly salaries of $22,000 on Friday for a five-day week that begins on Monday and ends on Friday. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends on Tuesday. The balance in the prepaid insurance account before adjustment at the end of the year is $18,000. Journalize the adjusting entry required if the amount of insurance expired during the year is $5,300. Revenue earned but not yet billed for the month amounts to $13,000. The estimated depreciation on equipment for the year is $32,000.