Prepare the necessary adjusting entries at December 31 for #1-4 below. Prepare adjusting entries in the General Journal below. 1. A two-year fire insurance policy was purchased on August 1, for $12,000. The company debited insurance expense for the entire amount. 2. Employee salaries of $27,000 for the month of December will be paid in early January. 3. On October 1, the company lent $50,000 to a customer. The customer signed a note that requires principal and interest at 8% to be paid on September 30 of the following year. 4. In January, the company purchased supplies for $4,500. The entry was recorded as a debit to supplies expense. Supplies on hand at the end of the year totaled $2,200. PART II: POST all entries to t accounts and compute ending balances. PARTIII: Indicate if an entry should be reversed by writing R (reversed) or NR (not reversed) UNDER EACH ENTRY General Journal Prepaid Insurance Interest PayablePrepaid Insurance Interest Payable Insurance Expense Interest Expense 8/1 12,000 Salaries Payable Supplies Salaries Expense Supplies Expense 1/1 4,500