1. On December 31, 20X1, the Notes Payable account at Northwood Manufacturing Company had a balance of $14,500. This balance represented a three-month, 9 percent note issued on November 1.
2. On January 2, 20X1, Hitech Computer Consultants purchased flash drives, paper, and other supplies for $5,960 in cash. On December 31, 20X1, an inventory of supplies showed that items costing $1,520 were on hand. The Supplies account has a balance of $5,960
3. On October 1, 20X1, North Dakota Manufacturing paid a premium of $12,360 in cash for a one-year insurance policy. On December 31, 20X1, the Prepaid Insurance account has a balance of $12,360.
4. On June 1, 20X1, Headcase Beauty Salon signed a one-year advertising contract with a local radio station and issued a check for $13,080 to pay the total amount owed. On December 31, 20X1, the Prepaid Advertising account has a balance of $13,080.

For each of the above independent situations, prepare the adjusting entries that must be made on the December 31, 20X1, worksheet assuming no previous adjusting entries have been made during the year. (Round your answers to 2 decimal places.)

No Date General Journal Debit Credit 1 Dec 31, 20X1 Interest expense Interest payable N Dec 31, 20X1 Supplies expense Supplies 3 Dec 31, 20X1 Insurance expense Prepaid insurance 4 Dec 31, 20X1 Advertising expense Prepaid advertising