Adjusting entry practice 1) 3 If a company buys a 12 month insurance policy for cash on January 1st, what adjusting entry would be required as of April 30? If a company borrows money on January 1st at 4% per annum, what adjusting would be needed as of June 30th? If the company prepaid rent for 6 months on January 1st, what adjusting entry would be needed as of March 30? If the company bought supplies on January 1st of 1000 and on April 30th (year end) had $500 left, what adjusting entry would be needed as of April 30th