Elemental Company is a company dedicated primarily to the sale of video games and computers. Its period runs from January 1- December 31. Prepare the following year-end adjustment entries 2023.

1. On December 1, 2023, the company purchases $600 in supplies for the company. At the end of the year a physical count is taken and there is a final inventory of $350.
2. On November 1, 2023, Elemental purchases an equipment for $30,000 with a useful life of 4 years. Its residual value is expected to be $10,000. The method used by this company is straight-line.
3. On October 1, 2023, the company purchases an insurance policy for $4,500. This policy is expected to cover the company for the next 6 months.
4. On September 1, 2023, the company pays $10,000 in advance for 5 months' rent.
5. The company's employees are paid $800 per month for their work. The company has 3 employees, and they are all paid the same, work Monday through Friday and normally earn $400.00 per week. Assume that the payroll starts on December 27 and ends on January 3, 2024. Make the salary expense adjustments entry.
6. The company acquires a note payable on November 1 where the principal amount is $40,000 with an interest rate of 12%. This note payable is expected to be paid in May. What would be the adjustment entry at the end of the year?