The events listed below all took place on 15 June 2016. Provide the journal entry necessary to record each event in the accounts of Company X for the year ended 30 June 2016. If no entry is required, indicate this and give reasons. In most cases, an assumption is not necessary. If you feel an assumption is necessary, however, state it.
1. A new general manager is hired at an annual salary of $160 000.
2. Company X receives a bill for $200 from a newspaper for an advertisement to be run on 30 June 2016. Payment is not due for 60 days.

3. A loan is obtained from the bank for $20 000, repayable in two years' time.
4. A landscaper agrees to improve land owned by Company X. The agreed price for the work is $700.
5. An order for $900 of merchandise is received from a customer along with a cash deposit of $300.
6. A $600 insurance premium for coverage over the period from 1 July 2016 to 30 June 2017 is paid in cash.
7. Company X places an order for the purchase of supplies with a cost price of $2000.