Make an adjusting entry:

Received $500 000 loan from the Bank on September 1 2018. ABC Inc pays annual interest of 5.4% and interest is payable semiannually on March 1 and September 1. The loan must be repaid in full on September 1 2019.

A One-year property insurance policy that was renewed on August 1 2018 for $58 800. the entire payment was debited to insurance expense. and celebrate no entry to the account has been made since the renewal of the insurance policy. it's prepaid insurance balance on December 31, 2018 was $32 900 the same as the balance on January 1 2018.