Prepare the necessary adjusting entries at its year-end of December 31, 2021, for the Jamesway Corporation for each of the following situations. No adjusting entries were recorded during the year.

1. On December 10, 2021, Jamesway received a $4,000 payment from a customer for services begun on that date and which were completed by December 31, 2021. Deferred service revenue was credited.

2. On December 1, 2021, the company paid a local radio station $2,000 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debited.

3. Employee salaries for the month of December totaling $16,000 will be paid on January 7, 2022.

4. On August 31, 2021, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2022.