Prepare adjusting entries as of December 31 for the following (assume company has not made any adjusting entries during the year). 1. On June 1 the company received $24,000 as payment in advance for services to be rendered for the 8 month period starting June 1. The $24,000 was recorded as service revenue when received. 2. At the start of the year the company had $4,200 of supplies on hand. During the year the company purchased $15,100 of supplies. At year end supplies on hand totaled $3,100. The company records supplies in an asset account. 3. On November 1 the company paid $60,000 for advertising in a national magazine that publishes monthly. The advertisements are to appear in the monthly issues from November to April. The payment was recorded as prepaid advertising. 4. On March 1 the company borrowed $75,000 by signing a 15-month, 6% note payable. Interest and principal are due at maturity.