Boswell Group is a professional corporation providing management consulting services. The company initially debits assets in recording prepaid expenses and credits liabilities in recording unearned revenues. Give the entry that Boswell would use to record each of the following transactions on the date it occurred. Prepare the adjusting entries needed on December 31, 2003. 1, -On July, 1,.2003, the company paid a three-year premium of $7,200 on an insurance policy that is effective July 1, 2003, and expires June 30, 2006. 2. On February 1, 2003, Boswell paid its property taxes for the year February 1, 2003, to January 31, 2004. The tax bill was $1,800. 3. On May 1, 2003, the company paid $180 for a three-year subscription to an advertising journal. The subscription starts May 1, 2003, and expires April 30, 2006. 4. Boswell received $1,800 on September 15, 2003, in return for which the company agreed to provide consulting services for 18 months beginning immediately. 5. Boswell rented part of its office space to Bristle Brush Company. Bristle paid $1,200 on November 1, 2003, for the next six months’ rent.

6. Boswell loaned $100,000 to a client. On November | the client paid $24,000, which represents two years’ interest in advance (November 1, 2003, through October 31, 2005).