Response to the following problem:
Record the following adjusting entries to reflect the accrual and deferral of expenses and revenue for the calendar year ending December 31 of the current year.
1. Recognized the interest income accumulated on a 55,000 note bearing interest of 9% dated November 2.
2. Recorded an adjusting entry to recognize that income from commissions previously received but not yet earned to the extent of 40% of the $800 commission, J. Determined that the balance in the ledger account for office supplies was $990, but that nn inventory showed only $260 worth of office supplies remaining.
4. Accrued salaries (or the lest three days in the old year amounting to $1,500.
5. Showed a balance of $2,270 in the prepaid insurance account. Insurance records indicate that $1,245 of the insurance expired during the year,
6. Borrowed $6,000 for ninety days with interest payable at an annual rate of 12%. The loan was taken out forty-five days before the end of the accounting period and is due to be paid in full 45 days into the new year