Hi,

Can you help me with this practice problem im stuck on?

thanks!!

Atlantic Company adjusts and closes its books each December 31. It is now December 31, 20x5, and the adjusting entries are to be made. You are requested to prepare the adjusting entry that should be made for each of the following items (note that the original entries have been made, i.e. you do not need to provide the original entry): The company paid an 18 month insurance premium in advance on March 1, 20x5, amounting to $15,600, which was debited to prepaid insurance. The company rented a warehouse on September 30, 20x5, for two years. It had to pay the full amount of rent for the full two year term in advance on September 30, amounting to $15,000, which was debited to rent expense. The company made large sale and received a 7% note from a customer with a face amount of $100,000. The note was dated August 1, 20x5; the principal plus the interest is payable one year later. Notes receivable was debited, and sales revenue was credited on the date of sale, August 1, 20x5. iv. On February 1, 20x5, the company took out a $200,000, 6% bank loan. On that date, cash was debited and bank loan payable credited for $200,000. The loan is payable on February 1, 20x6, for the face amount of $200,000 plus interest for one year. The Office Supplies account balance at January 1, 20x5 was $6,900. During the year, a total of $20,500 of office supplies were purchased and debited to the office supplies account. At year-end, an inventory count showed that S5.600 of office supplies were on hand