Wallin Enterprises disclosed the following information on December 31, 2022 (before any adjusting entries were made): 1.

Question:

Wallin Enterprises disclosed the following information on December 31, 2022 (before any adjusting entries were made):

1. In June, Wallin purchased an insurance premium for $\$ 54,000$ for the 18 months beginning July 1 , 2022.

2. On November 1, Wallin received $\$ 12,000$ from Judy Phan for six months of rent beginning on November 1.

3. On February 1, Wallin borrowed $\$ 50,000$ at $10 \%$ interest. Wallin has not recognized any interest expense this year.

4. On October 1, Wallin loaned Chris Spiker $\$ 15,000$ at $12 \%$ interest. No interest revenue has been collected or recorded.

For each item listed, prepare the necessary adjusting entries to be made on December 31, 2022.

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