The following are selected unadjusted account balances as at December 31, 2014, the year end of Joseph's Law Firm: 
Additional information obtained from a review of the law firm's records:
1. Work done for clients in December that will be invoiced in January is $9,800.
2. Prepaid insurance includes $12,600 paid for a one-year policy that was effective December 1, 2014.
3. Salaries are paid monthly on the 15th of each month. The salaries earned by employees from December 16 to 31st total $5,000.
Instructions
a. Prepare the December 31, 2014 adjusting entries required for these items.
b. Prepare the reversing entries required for January 1, 2015.
Definitions:
Mechanism
Describes the step-by-step process through which reactants are converted to products in a chemical reaction, including the breaking and formation of bonds.
Intermediates
Molecules or ions that appear in the middle stages of a chemical reaction but do not appear in the overall reaction equation.
Electrons
Subatomic particles with a negative electrical charge, found in orbitals surrounding an atom's nucleus, and participating in chemical bonding and conductivity.
Alternating Copolymer
A copolymer where two different monomers are linked in an alternating sequence, offering unique properties compared to random or block copolymers.
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