2 exercises Saved Exercise 2-11 (Algo) Adjusting entries; fiscal year (LO2-6) The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. pped 1. On December 1, 2020, the company paid its annual fire insurance premium of $3,600 for the year beginning December 1 and debited prepaid insurance. 2. On August 31, 2020, the company borrowed $57,500 from local bank. The note requires principal and interest at 8% to be paid on August 31, 2021 3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2021, Mazzanti collected $19,200 representing rent for the 2021 calendar year and credited deferred rent revenue. 4. Depreciation on the office building is $14,400 for the fiscal year. 5. Employee salaries for the month of June 2021 $15,000 will be paid on July 20, 2021. eBook Print Prepare the necessary year-end adjusting entries at the end of June 30, 2021, for the above situations. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) References View transaction list 2 Exercises Saved Exercise 2-14 (Algo) Closing entries (LO2-8] Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. pped Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense $464,000 70,000 5,600 10,000 7,400 255, 11,600 3,300 32,000 18,000 Book Print Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) oferences View transaction list Tournal