Cannon Group provides computer network consulting, services. The company initially debits assets in recording prepaid expenses and credits liabilities in recording unearned revenues. Give the appropriate entry that Cannon would use to record each of the following transactions on the date it occurred. Prepare the adjusting entries needed on December 31, 2003. (Round all numbers to the nearest dollar.) 1. On April 1, 2003, the company paid $250 for a two-year subscription to a computer networking journal. The subscription starts April 1, 2003, and expires March 31, 2005. 2. On May 1, 2003, Cannon paid $2,300 in property taxes for the year May 1, 2003, to April 30, 2004. 3. On June 15, 2003, Cannon received $25,000 for a contract to provide consulting services for 18 months beginning immediately. 4. On July 1, 2003, the company paid a two-year premium of $15,000 on an insurance policy that is effective July 1, 2003, and expires June 30, 2005. 5. Cannon rented part of its office building to Ross Graphics, LLC. Ross paid $1,500 on September 1, 2003, for the next six months’ rent. 6. Cannon loaned $150,000 to a client. On October 1, 2003, the client paid $18,000 for interest in advance (October 1, 2003, to September 30, 2004).