Please use the following transactions occurred during 2021 for the Beehive Honey Corporation to make journal entries and teach me how, thank you.

Feb.1Borrowed $32,000 from a bank and signed a note. Principal and interest at 12% will be paid on January 31, 2022.

Apr.1Paid $7,600 to an insurance company for a two-year fire insurance policy.

July17Purchased supplies costing $4,800 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $2,250 remained on hand.

Nov.1A customer borrowed $7,800 and signed a note requiring the customer to pay principal and 10% interest on April 30, 2022.

Required:

1. Record each transaction in general journal form.

2. Record any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item.