Business, 09.02.2022 02:20 kaileyy06

In 2021, JS Company recorded the following transactions: A three-year fire insurance policy was purchased on July 1, 2021, for $14,400. On July 1, the company debited insurance expense for the entire amount.
Depreciation on equipment totaled $13,750 for the year.
Employee salaries of $20,000 for the month of December will be paid in early January 2022.
On November 1, 2021, the company borrowed $260,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2022. On December 1, 2021, the company received $7,800 in cash from another company that is renting office space in a building owned by JS.

Required:
Prepare the necessary adjusting entries for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded.

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