TOPIC 4 : EXERICES EXERCICE 1 ABC Corp, purchases a 24-month tire insurance policy on January 1, for $5,400, Required Prepare the necessary actjusting joumal entry on January 31. EXERCICE 2 DEF Corp purchased a new car for one of its calespeople on March 1 for $25,000. The esti mated seal life of the car is four years with an estimated salvage value of $1.000 Required Prepare the necesary adjusting yournal entry on March 31, EXERCICE #3 On April 1, GHI Corp, took out a 125, 120 day, $10,000 loan at its bank Paid and reimbursed monthly Required Prepare the necessary adjusting journal entry on April 30