Question #4 The following situations are unrelated to one another.

1. On November 1, 2015 Lang Corporation, a magazine publisher, received $15,000 Cash from customers for 1-year subscriptions. Prepare a Journal entry to record the subscriptions on November 1.. and the necessary Adjusting Entry on December 31,2015 its fiscal year end.

2. On June 30, 2015 Wong Inc. paid $2,000 for a 1-year insurance policy, effective July 1, 2011. Prepare a Journal entry to record the payment of insurance premium on June 30; and the necessary Adjusting Entry on December 31, its fiscal year end.

3. On January 1, Sawyer Company purchased equipment for $30,000. The equipment is expected to have 10 years useful life. Prepare a Journal Entry to record the acquisition on January 1; and the necessary Adjusting Entry on December 31, its fiscal year end.

4. McNair Inc. borrowed $100,000 from the bank by signing a Note Payable on October 31, 2015. The Note carries a 6% annual interest, paid annually on November 1, and will mature in three years. Prepare a Journal Entry to record the Note signed on October 31; and the necessary Adjusting Entry on December 31, 2015 its fiscal year end.

5. Sewell Co. received its January utility bill of $360 on January 31, 2016. The bill was due and paid February 20, 2016. Prepare a Journal Entry to record the receipt of the utility bill on January 31 and the payment on February 20.