Help preparing the adjusted journal entries below.

The information in bold below is the information given to create my journal entries in the general journal and ledger.

a. The 3/1/16 Notes Payable principle from Chase Bank is due in 4 years at an annual interest rate of 4%. Interest must be paid every 6-months.

b. The boat purchased on 3/1/16 is depreciated using the straight-line method over a useful life of 7 years. Salvage is zero.

c. Insurance expense was recorded.

d. Due to the use of office supplies, the Office Supplies and lures only added up to $2,900 at the end of the 2016 year.

e. On 12/30/16, 50% of the services were provided early from the customers that paid cash on 6/1/16.

1. 1/1/16: Shark and Bait each invest $120,000 ($240,000 total) and received 60,000 total shares of $1 par common stock.

2. On 3/1/16, the company purchased a large fishing boat for $52,000 of which had a down payment of $12,000 and the rest of borrowed from First Hawaiian Bank. The Note Payables principle has a 4% annual interest rate due every 6-months while the principle is due at maturity date in 4 years. The item is depreciated using the straight-line method and has a useful life of 7 years. HINT: Make sure to book ALL journal entries for 2016 related to this entry.

3. Shark Bait purchased $14,000 of office supplies and lures from Huge Minnows Company on 4/4/16 on account.

4. Liability insurance was purchased on 5/1/2016. The 12 month policy cost $7,200 and was paid in full.

5. Shark Bait provided fishing tours and received $31,000 from customers on 5/10/16.

6. On 6/1/16, Shark Bait received $11,000 cash for a tour that would take place on 2/4/17.

7. Shark Bait paid half of what it owes to Huge Minnows Company on 9/1/16.

8. On 11/2/16, Shark Bait received $2,000 cash for the sale of some unused lures that were bought on 4/4/16 for $3,500.

9. Operating expenses incurred and paid as of 12/31/16 which consists of: Utilities: $2,300

Boat Gas: $3,000

Salaries: $14,000