BE 2-4 A company has a fiscal year-end of December 31: (1) on October 1, $12,000 was paid for a one-year fire insurance policy; (2) on June 30 the company advanced its chief financial officer $10,000; principal and interest at 6% on the note are due in one year; and (3) equipment costing $60,000 was purchased at the beginning of the year for cash. Prepare journal entries for each of the above transactions. BE 2-5 A company has a fiscal year-end of December 31: (1) on October 1, $12,000 was paid for a one-year fire insurance policy; (2) on June 30 the company advanced its chief financial officer $10,000; principal and interest at 6% on the note are due in one year; and (3) equipment costing $60,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $12,000 per year. Prepare the necessary adjusting entries at December 31 for each of the above items. BE 2-7 The Jamesway Corporation had the following situations on December 2021. December 31 for each of the above items. BE 2-7 The Jamesway Corporation had the following situations on December 2021. 1. On December 10, 2021, Jamesway received a $4,000 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 $2,000 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 $16,000 will be paid on January 7, 2022 4. On August 31, 2021, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2022. Prepare the necessary adjusting entries at its year- end of December 31, 2021. No adjusting entries were recorded during the year. BE 2-10 The following account balances were taken from the 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 $2,000 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 $16,000 will be paid on January 7, 2022. 4. On August 31, 2021, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2022. Prepare the necessary adjusting entries at its year- end of December 31, 2021. No adjusting entries were recorded during the year. BE 2-10 The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corporation: sales revenue, $325,000; cost of goods sold, $168,000; salaries expense, $45,000; rent expense, $20,000; depreciation expense, $30,000; and miscellaneous expense, $12,000. Prepare an income statement for 2021