3.The following transactions occurred during 2016 for the Beehive Honey Corporation:

Feb. 1	Borrowed $27,000 from a bank and signed a note. Principal and interest at 8% will be paid on January 31, 2017.
Apr. 1	Paid $6,600 to an insurance company for a two-year fire insurance policy.
July 17	Purchased supplies costing $4,300 on account. The company records supplies purchased in an asset account. At the December 31, 2016, year-end, supplies costing $2,000 remained on hand.
Nov. 1	A customer borrowed $6,300 and signed a note requiring the customer to pay principal and 6% interest on April 30, 2017.

Required:

1.

Record each transaction in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Date	Account titles and explanation	Debit	Credit
Feb. 1	Cash	$27,000
	Note payable		$27,000
Apr. 1	Prepaid insurance	$6,600
	Cash		$6,600
July 17	Supplies	$4,300
	Accounts payable		$4,300
Nov. 1	Note receivable	$6,300
	Cash		$6,300

2.	Prepare any necessary adjusting entries at the December 31, 2016, year-end. No adjusting entries were recorded during the year for any item. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)