Terron O'Neill 1) Jan 1, company starts their business. Jan 3 bought $2,000 supplies on credit. Jan Prepare JE: End of Jan, it is estimated that $700 worth of supplies still available. Financial statements are prepared monthly. Prepare AJE: IF comp doesn't make AJE, what are the implications? 2) March 1 firm paid insurance company $2,400 for 12-month insurance premium, for start March 1. Prepare JE: Firm prepares monthly financial statements. Prepare AJE made by firm. IF comp doesn't make AJE, what are the implications? 3) Company borrowed $200,000 from banking institution on April 1. Comp signed 6 month note w/ APR 12%. Both principal & interest due on maturity. Comp prepares financial statements each month. Prepare AJE. IF comp doesn't make AJE, what are the implications