1. On November 1, received $40,000 in tuition for courses to be provided from November 1, 2020 to February 28, 2021. 2. On October 1, 2020 purchased office equipment for $50,000. The equipment is estimated to have a residual value of $5,000 and a useful life of three years. 3. Borrowed $20,000 on August 31, 2020 for one year at 6% interest. 4. Langara pays its faculty on Friday of every week. The faculty work Monday-Friday and are paid $200 per day each. Langara has 10 faculty members. Faculty were paid on December 25, 2020 and will get paid again on Friday, January 1, 2021. 5. Supplies on hand at Langara amounted to $1,000 on December 31, 2019. During 2020, supplies were purchased for $5,000. On December 31, 2020 supplies on hand amounted to $2,000. Required For each of 1-5, prepare adjusting entries, assuming Langara has a December 31, 2020 year-end.