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

Feb. 1 Borrowed $21,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31, 2022.

Apr. 1 Paid $5,400 to an insurance company for a two-year fire insurance policy.

July. 17 Purchased supplies costing $3,700 on account. The company records supplies purchased in an asset account. At the year-end on December 31, 2021, supplies costing $1,700 remained on hand

Nov. 1 A customer borrowed $8,700 and signed a note requiring the customer to pay principal and 8% 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.