For the three transactions identified below, first identify: 1. which elements are affected (just the number is fine), 2. whether they increase or decrease (+ or -) and by what amount, and 3. through which account, and then next prepare the corresponding journal entry. (15 points) For each of the transactions below, record both the transaction itself and the necessary adjustment on December 31 (i.e., the company's fiscal year-end.) Transaction 1: On April 1, Simca purchases an insurance policy for two years for $16,000 cash. April 1: December 31: Transaction 2: On June 15, Simca borrows $100,000 cash on a 3-year note payable. Interest of 12% is due every year on June 15 (starting next year). June 15: