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 totaled13,750 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 borrowed260,000 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.