Pear Inc. provides legal advisory services. The companys year-end is June 30 and adjusting entries are only prepared at year-end, on June 30.

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

1. Pear inc. pays its staff every Friday. The companys weekly payroll is $50,000 for a five-day work week (Monday to Friday). June 30, 2021 falls on a Wednesday.
2. On July 1, 2020, Pear inc. had an opening balance of $1,500 in its Supplies account. During the fiscal year, the company purchased supplies worth $1,200. On June 30, 2021, the company had $1,300 of supplies on hand.
3. On March 31, 2021, Pear inc. obtained a 6-month 8% loan for $100,000. Interest on the loan will be paid on September 30, 2021 when the loan matures.
4. On July 1, 2020, Pear inc. had a balance of $1,200 in its Prepaid Insurance account representing 6 months of insurance to December 31, 2020. On December 28, 2020, the company purchased a 1-year insurance policy beginning on January 1, 2021 for $3,000. Pear inc. recorded the December 28, 2020 payment to Prepaid Insurance.
5. On January 1, 2021, Peear inc. 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.