of ction You are preparing the annual adjusting entries for a business based on the following information. The year end for the business is November 30. 1. The business borrowed $55,000 from a bank on May 1 of the current year. The owner signed an 6%, 10-month note with interest paid on the first day of each month for the previous month's interest. 2. A November 30 physical count indicated that $5,900 of supplies remained on hand. At the time, supplies had a balance of $12,500 in the unadjusted trial balance. 3. Employees earn a combined salary of $4,550 per seven-day work week. They were last paid on Friday, Nov. 23 (Saturday to Friday pay period) and will be paid in two weeks on Friday, Dec. 7. 4. The equipment was purchased at the cost of $108,000 on March 1 of this year and is expected to have a 10-year useful life. Instructions: Fill in the banks with calculated dollar amounts a) Make year-end adjusting entries based on the above information. b) Prepare the subsequent journal entries for payment of the payroll and of the loan. Part A: Year end adjusting entries (whole numbers without commas, e.g. 10000) 1. When the adjusting entry is prepared for the promissory note, how much expense is recognized? (whole number comma):