On April 1, Year 10, Wyatt paid $72,000 in advance for insurance coverage for three years (starting on April 1, Year 10). The accountant recorded the entire payment as insurance expense on that day.

Wyatt borrowed $500,000 from HHR Bank on August 1, Year 10. The interest rate is 6% and interest payments are due every August 1st. The note was recorded in the general ledger upon origination, but the accountant failed to accrue interest. Interest was recorded properly for all other outstanding notes payable.

Provide adjusting journal entries