E3.13 Prepare adjusting entries. LO3, 4 A review of the ledger of Monkey Ltd at 30 June 2019 produced the following data relating to the preparation of annual adjusting entries: 1. Prepaid insurance $37 260: the entity has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on 1 January 2018 for $33 300. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on 1 July 2018 for $9510. This policy has a term of 2 years. 2. Subscription revenue received in advance $135 200: the entity began selling magazine subscrip- tions on 1 April 2019 on an annual basis. The selling price of a subscription is $130. A review of subscription contracts reveals the following: Subscription start date Number of subscriptions 1 April 200 1 May 300 1 June 540 1040 The annual subscription is for 12 monthly issues. The June magazine for all of the subscrip- tions had been delivered to the subscribers at 30 June 2019. 3. Bank loan $100 000: the loan was taken out on 1 April at an annual interest rate of 6%. 4. Salaries payable: There are eight salaried employees. Salaries are paid every Friday for the current week. Four employees receive a salary of $1050 each per week, and three employees earn $1350 each per week. 30 June is a Tuesday. Employees do not work on weekends. All employees worked the last 2 days of June. Required (a) Prepare the adjusting journal entries at 30 June 2019