On January 2, the company negotiated a $20,000 operating line with the bank. Interest will be charged at 4% per annum and the loan covenants limit the amount of the operating line to 60% of good receivables (accounts less than 60 days old). No money is advanced at this time.

28/01 - the company received $10,000 advance

15/02 - the company received $6,000 advance

01/03 - the company received $4,000 advance

On March 31, the company prepares adjusting entries for the first quarter of the year. Prepare adjusting entries to accrue operating loan interest.