Liabilities The Company has the following transactions during the year. 1. Dec 11: Borrowed $ 24,750 of a 45 day, 7% note from the bank. 2. Dec 14: Issued a $ 6,750 of a 60 day, 6 % note payable. 3. Nov 15: Received money from 70 subscribers who paid for 12 months in advance to cover the period December 1, 2020 to November 30, 2021. The subscription costs $270 per year for each subscriber. Required: Round off your answers to two decimal places where relevant. a. Prepare the journal entries for transactions 1 and 2 to record the adjustment to the interest accounts on December 31st. Include your narration and clearly show your workings. (use 360 days for the number of days in the year) b. Prepare the journal entries for transaction 3 to record the receipt of the cash from the subscribers in advance