Ex. 3-1 On July 1, 2020, Patrick Company pays 12,000 to its insurance company for a 2-year insurance policy.Instructions Prepare the necessary journal entries for Patrick on July 1 and December 31. Ex. 3-2 Gwynn Company has an accounting fiscal year which ends on June 30. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred. Date Amount Monday June 28 $3,000 Tuesday June 29 3,800 Wednesday June 30 3,500 Thursday July 1 3,000 Friday July 2 2,400 Instructions (a) (b) Prepare any necessary adjusting journal entries that should be made at year end on June 30. Prepare the journal entry to record the payment of the weekly payroll on July 2.