2. Broncos, Inc. has prepared a year-end 2016 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. Required: Prepare adjusting journal entries, as needed, for the following items. Make sure to prepare the adjusting entries ONLY. 1) On November 1, 2016, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited when paid. 2) Broncos initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $420 in Insurance expense. A review of insurance policies reveals that $125 of insurance is unexpired. 3) On October 1, 2016, Broncos borrowed $50,000 from a local Bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. 4) On April 2, 2016, Broncos paid $2,400 for a two-year fire insurance policy and debited insurance expense. 5) Broncos debits supplies expense when purchased at $2,000 in 2016. Supplies on hand at year-end cost $500. 6) Broncos' football equipment was purchased at a cost of $30,000 on January 1, 2016. It has a five year useful life and no salvage value. The straight-line depreciation is used.