The following seven (7) situations apply to Howard Electronics, Inc. for the year ended 12/31/23. INSTRUCTIONS - Make any adjusting entries required at 12/31/2023 for each situation. Financial Statements are prepared annually only. Provide an explanation for each entry showing all computations. 1 On September 1, 2023, Howard Electronics purchased a three-year fire and extended coverage insurance policy and charged the $5,400 premium to prepaid insurance. 2 The employees work Monday through Friday. The total gross wages for the bi-weekly pay period ended Friday, January 2, 2024 is $36,000. C D M N O P a 3 On September 1, 2023, the company received an advance payment of $58,000 on a construction project. The total amount received was credited to the Construction Revenue account. At December 31, 2023 it was estimated that 60% of the job was completed. 4 The company borrowed $50,000 at 6% interest on November 1, 2023, with principal and interest due on May 1, 2024. 5 On September 1, 2023, the company received a $15.000, nine-month note bearing interest at an annual rate of 9% from Hendrix, Inc. for services provided. 16 On August 1, 2023, the company paid $36,000 for the annual rent on a warehouse. The rent expense account was debited when the cash was paid. 7 On January 1, 2023, supplies had a beginning balance of $5,800. Purchases were made on April 15 and July 25 for $4,500 and $5,500 respectively and debited to Supplies. On December 31, supplies on hand were $2,300