A company has a fiscal year-end of December 31: (1) on October 1, $30,000 was paid for a one-year fire insurance policy; (2) on June 30 the company advanced its chief financial officer $28,000; principal and interest at 6% on the note are due in one year; and (3) equipment costing $78,000 was purchased at the beginning of the year for cash. Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet On June 30 the company advanced its chief financial officer $28,000; principal and interest at 6% are due in one year. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Journal entry worksheet 1 2 3 > Equipment costing $78,000 was purchased at the beginning of the year for cash. Note: Enter debits before credits. General Journal Debit Credit Transaction 3 78,000 78,000 The Jamesway Corporation had the following situations on December 2021. 1. On December 10, 2021, Jamesway received a $4,600 payment from a customer for services begun on that date and which were completed by December 31, 2021. Deferred service revenue was credited. 2. On December 1, 2021, the company paid a local radio station $3,200 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debited. 3. Employee salaries for the month of December totaling $22,000 will be paid on January 7, 2022. 4. On August 31, 2021, Jamesway borrowed $40,000 from a local bank. A note was signed with principal and 9% interest to be paid on August 31, 2022. If none of the adjusting journal entries were recorded, would assets, liabilities, and shareholders' equity on the 12/31/2021 balance sheet be higher or lower and by how much? Assets by higher flower Thigher Liabilities Shareholders' equity by by