The following transactions occurred during 2021 for the Beehive Honey Corporation:

Feb.

1

Borrowed $29,000 from a bank and signed a note. Principal and interest at 12% will be paid on January 31, 2022.

Apr.

1

Paid $7,000 to an insurance company for a two-year fire insurance policy.

July

17

Purchased supplies costing $4,500 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $2,100 remained on hand.

Nov.

1

A customer borrowed $6,900 and signed a note requiring the customer to pay principal and 10% interest on April 30, 2022.

Required:

1. Record each transaction in general journal form.

2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item.

The following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $29,000 from a bank and signed a note. Principal and interest at 12% will be paid on January 31, 2022. Apr. 1 Paid $7,000 to an insurance company for a two-year fire insurance policy. July 17 Purchased supplies costing $4,500 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $2,100 remained on hand. Nov. 1 A customer borrowed $6,900 and signed a note requiring the customer to pay principal and 108 interest on April 30, 2022. Required: 1. Record each transaction in general journal form. 2. Prepare any necessary adjusting entries at the year-end on December 31, 2021. No adjusting entries were recorded during the year for any item. Journal entry worksheet Paid $7,000 to an insurance company for a two-year fire insurance policy. Note: Enter debits before credits. Date General Journal Debit Apr 01, 2021 Credit Record and Journal entry worksheet Borrowed $29,000 from a bank and signed a note. Principal and interest at 12% will be paid on January 31, 2022. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2021 Record entry Clear entry View general journal Journal entry worksheet