Exercise 3-7 Preparing adjusting entries (annual)-accrued expenses and revenue LO4 Jurassic Jumpers Co. (JJ Co) offers bungee jumping for those looking for an extreme outing. JJ Co. prepares annual financlal statements and has a December 31, 2023 year-end. 0. On Aprill 1, 2023, JJ Co. took out a five-year, $960,000 bank loan with an interest rate of 3%. Interest expense is paid on the first day of each month. b. On July 1, 2023, J. Co. issued a two-year, $69,250 Note Recelvable with an interest rate of 4% interest income will be collected on January 1 and July 1 of each year. c. On December 15,2023 , JJ Co. took a university student club bungee jumping for $4,850. The student club was involced on December 31,2023 and pald JJCo, on January 15,2024 Required: Record the adjusting journal entries at December 31, 2023