3. Journal Entries (8 points) Offjohn Corporation started its business operations since January 1, 2019. Its fiscal year end is December 31. Offjohn records transactions using the accrual basis of accounting method. During the year, the following transactions occurred: 1. On January 1, 2019, the company bought office supplies for $14,500 cash. On December 31, 2019, it is found that $5,600 worth of supplies had been used. 2. The company bought a $9,000, two-year insurance policy for cash on September 1, 2019. The policy came into effect on this date. 3. The company sells magazine subscriptions. On January 1, 2019, it received $360,000 cash for a 3-year subscription. Instructions: For each of the above transactions, prepare the journal entry for the initial transaction, and any adjusting entry required at December 31, 2019. Record the dates as well. (8 points)