The following transactions occurred in 2020, please record the adjusting entry that would be required at the companys year-end on December 31. Adjusting entries are done on an annual basis.

1. On November 01, 2020, the company purchased a two-year insurance policy for $4,800.

2. An inventory count shows that $1,000 of supplies were used during the year. On August 15 the company purchased $500 worth of supplies. Last years (2019) inventory count showed that the company had $150 worth of supplies on hand.

3. The company had outstanding debt of $540,000 and pay interest at a rate of 4%. The loan was obtained on March 01, 2019, and the interest is paid the February following the year-end.

4. On August 1, 2020, the company pre-paid 12 months of rent in advance. The total amount paid was $48,000.

5. Employees are paid monthly, on the first day of the following month. For example, the employees are paid for June 2020 on July 1, 2020. The company owed $5,900 for December.