The following problems ask for adjusting entries! Think about what the firm will record as they close their books for the quarter on March 31 (assume NO adjusting entries were made at the end of January and February, and the financial statements are prepared only quarterly). 7. On January 1 the fim borrowed $10,000 from the bank for one year. The annual interest rate on the loan is 10%, and both the principal and the interest are due at the end of the year (i.e., no cash payments until 12 months pass). Populate the template for the adjusting entry for interest expense on March 31. 8. On January 1 the fim paid 44,000 for insurance coverage for the full year. Populate the template for the adjusting entry on March31. 9. A firm owns a billboard and rents it out. The cost to rent a billboard is $6,000 for the full year and the full cash payment takes place at the end of the year. Populate the template for the adjusting entry on March 31 for the firm that owns and rents out the billboard