Matdock Ltd. provides legal advisory services. The companys year-end is September 30 and adjusting entries are only prepared at year-end, on September 30.

For each of the following situations, prepare the necessary adjusting entry on September 30, 2021. If no entry is required, clearly indicate by writing No Entry.

1. On January 1, 2021, Matdock Ltd. purchased a photocopier for $63,000. The company paid $20,000 cash for the photocopier and obtained a two-year interest free loan for the remaining balance. The photocopier has an estimated useful life of 7 years.
2. Matdock Ltd. pays its staff every Friday. The companys weekly payroll is $60,000 for a five-day work week (Monday to Friday). September 30, 2021 falls on a Thursday.
3. On October 1, 2020, Matdock Ltd. had an opening balance of $1,200 in its Supplies account. During the fiscal year, the company purchased supplies worth $1,300. On September 30, 2021, the company had $1,500 of supplies on hand.
4. On May 31, 2021, Matdock Ltd. obtained a 9-month 9% loan for $100,000. Interest on the loan will be paid on February 28, 2022 when the loan matures.
5. On October 1, 2020, Matdock Ltd. had a balance of $1,800 in its Prepaid Insurance account representing 9 months of insurance to June 30, 2021. On June 28, 2021, the company purchased a 1-year insurance policy beginning on July 1, 2021 for $3,000. Matdock Ltd. recorded the June 28, 2020 payment to Prepaid Insurance.

With calculations please