transactions occurred during December 31, 2016, for the Falwell Company. year fire insurance policy was purchased on July 1, 2016, for $12,000 The company expense for the entire amount. on equipment totaled $15,000 for the year. salaries of $18,000 for the month of December will be paid in early January 2017. November 1, 2016, the company borrowed $200,000 from a bank The note requires principal at 12% to be paid on April 30, 2017. December 1, 2016, the company received $3,000 in cash from another company that is rent in Falwell's building. The payment, representing rent for December and January, was rent revenue. the necessary adjusting entries for each of the above situations. Assume that no financial were prepared during the year and no adjusting entries were recorded (If no entry is transaction/event, select "No journal entry required" in the first account field.) A three-year fire insurance policy was purchased on July 1, 2016, for $12,000. The company debited insurance expense for the entire amount. Record the adjusting entry