The general ledger of Speedy Ship at June 30, 2012, the end of the companys fiscal year, includes the following account balances before adjusting entries. Accounts Payable .............. $ 114,000 Current portion of notes payable .. ____ Interest Payable ..................... ___ Salary payable .......................... ___ Employee payroll taxes payable ......... 970 Employer payroll taxes payable ........ ____ Unearned rent revenue ................ 6,900 Long-term note payable .............. 210,000 The additional data needed to develop the adjusting entries at June 30 are as follows: a. The long-term debt is payable in annual installments of $42,000, with the next installment due on July 31. On that date, Speedy Ship will also pay one years interest at 8%. Interest was last paid on July 31 of the preceding year. Make the adjusting entry to shift the current installment of the long-term note payable to a current liability. Also accrue interest expense at year end. b. Gross salaries for the last payroll of the fiscal year were $4,300. c. Employer payroll taxes owed are $850. d. On February 1, the company collected one years rent of $6,900 in advance. Requirements 1. Using the four-column ledger format, open the listed accounts and insert the unadjusted June 30 balances. 2. Journalize and post the June 30 adjusting entries to the accounts that you opened. Key adjusting entries by letter. 3. Prepare the current liabilities section of the balance sheet at June 30,2012