PROBLEM 3: ADJUSTING ENTRIES Your business uses a calendar year accounting period. The ollowing were among your transactions during the year: Your business issued a 14%,300,000, one-year, note payable on April 1,20x1. Both the principal and interest on the note are due at maturity date. What is the adjusting entry on December 31,201 ? 2. Your business received billing of $32,000 on December 29 , 201 for utilities used in December 20x1. Your business paid the bill on January 4,202. What is the adjusting entry on December 31,201 ? 3. Your business is renting a space for a monthly rental of paid the As of December 31,201, your business has not yet paid the December rent. What is the adjusting entry on December 31,201 ? (Hint: 'Rent payable')