Hometowne Bicycle specializes in custom painting and design of bicycles. December 31 is the compony's fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below. 1. A three-year fire insurance policy was purchased on July 1, 2024, for $19.500. The company debited Prepaid Insurance for the entire amount on July 1. 2. Employee salaries of $26,000 for the month of December will be paid in early Jonuary. 3. On November 1, 2024, the company received $7,500 in cash from a customer requesting a custom design for six identical bikes ( $1,250 each). Deferred Revenue was credited for the entire amount on November 1 . By the end of the year, four of the bikes have been completed 4. Supplies at the beginning of the year totaled $3,000. During 2024, additionad 5upplies of $19,000 were purchased, and the entire amount was debited to Supplies at the time of purchase. Supplies remaining at the end of the year total $5,000. 5. Hometowne paid a local radio station $13,000 for four months of advertising on December 1, 2024. The advertising will appear evenly over the four-month period. The company debited Prepaid Advertising for the entire amount on December 1. 6. Hometowne borrowed $37,500 on March 1,2024. The principal is due to be paid in five years. Interest is payable each March 1 at an anqual rate of 10% : Required: Record the necessary adjusting entries on December 31, 2024. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits