Journalize the adjusting entry needed on December31, the end of the current accounting period, for each of the following independent cases affecting Jackson Corporation. Include an explanation for each entry. 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 Jackson 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 $3,000 and a debit to the account on March 31 for $3,000 to record the payment of an annual insurance premium. At December 31, $800 is still prepaid. b. Jackson pays employees each Friday. The amount of the weekly payroll is $6,200 for a five-day work week. The current accounting period ends on a Thursday. c. Jackson has a note receivable. During the current year, Jackson has earned accrued interest revenue of $500 that it will collect next year. d. The beginning balance of supplies was $2,800. During the year, Jackson purchased supplies for $6,100, and at December 31 the supplies on hand total $2,200. e. Jackson is providing services for Seal Coast Investments, and the owner of Seal Coast paid Jackson $11,700 as the annual service fee. Jackson recorded this amount as Unearned Service Revenue. Jackson estimates that it has earned 60 % of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,700, and Equipment, $ 6,200. Make a compound entry.

answer assertive;

answer///supply is elastic, and demand is inelastic;

of the three mortgage options that demarco and tanya have to choose from, the balloon payment mortgage would be their best option, over adjustable payment and fixed payment plans.ultimately, the balloon payment plan would save demarco and tanya overall, in interest, would cost less monthly, and they would only have to make these payments for 8 years, opposing to 30 years for adjustable or fixed payment plans. 

overall, demarco and tanya would save $80,811 if they chose balloon payments over fixed payments, and would save $116,711 if they choose balloon payments over adjustable payments. benefits with choosing fixed payments over adjustable payments is that, in the end, the payments will still be $836.30 a month, while with adjustable payments, the initial monthly payments will be $763.38 to $1082.70 a month, ultimately leading to a more costly purchase. benefits with choosing fixed payments over balloon payments are not present. benefits in choosing adjustable payments over is that it has a lower interest rate, and starts with lower monthly payments initially. benefits in choosing adjustable payments over balloon payments include a lower interest rate, and lower initial monthly payments. benefits in choosing balloon payments over fixed payments include lower interest rates, lower overall price, lower monthly payments, takes less time to pay off, and does not require a downpayment. benefits in choosing balloon payments over adjustable payments include, lower monthly payments (when averaged), takes less time to pay off, and lower overall price.

hence, option c, balloon payments, is the best option for demarco and tanya to make this purchase, for it will save them a minimum of $80811, and a maximum of $116,711.