Aylmer Inc has a December 31 year end. Aylmer does not perform monthly adjusting entries.
The following items relate to transactions that occurred during the year.
1	On August 1, Aylmer paid $7,500 for an annual insurance premium. The policy began on August 1. The payment was posted to prepaid insurance.
2	On December 31, Aylmer owes the employees $3,300 that will be paid in January.
3	On September 1, Aylmer borrowed $32,000 with an interest rate of 3%. Principle plus interest will be paid back on June 30, 2021.
4	On November 1, Aylmer received $94,000 in advance of performing a specific job. At December 31, 30% of the work has been completed.
5	On October 1, Aylmer purchased a truck for $40,000. The truck has a 5 year useful life with no residual value.
6	At the end of December, the company had not received the monthly utility invoice. It is estimated that the bill would be approximatly $7,100.
Prepare the appropriate adjusting or correcting entry for each independent item above