14 0.58 points eBook References IE 2-1 (Static) Based on Brief Exercise 2-15 Adjusting entries [LO2-6]=MONTH function Meng Systems had the following situations during the current year. 1. On April 10 of the current year, the company lent $80,000 to another company. A note was signed with principal and interest at 8% payable on April 10 of the following year. 2. On November 12 of the current year, the company borrowed $90,000 from the bank and issued a 120-day, 7% note with principal and interest payable on March 12 of the following year. 3. Supplies on hand at the end of the previous year totaled $4,000. Additional supplies costing $7,200 were purchased during the current year and debited to the supplies account. At the end of the current year, supplies costing $2,400 remain on hand 4. Vacation pay of $14,000 for the year that had been earned by employees was not paid or recorded. The company records vacation pay as salaries expense. Required: Prepare the necessary adjusting entries for Meng Systems at the end of its December 31 fiscal year-end for each of the above situations. No adjusting entries were recorded during the year. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to retum to Connect. MacBook Air