Prepare the adjusting journal entries needed (if any) on December 31 2013. AJEs

Prepare the adjusting journal entries needed (if any) on December 31 2013. AJEs are only prepared at year end (December 31). 15 points1.On July 31 2013 the company paid a two-year premium of $18000 on an insurance policy that is effective June 1 2013 and expires May 31 2015.2.The company received $48000 on May 1 2013 in return for which the company agreed to provide consulting services for 12 months beginning immediately.3.Employees work Monday through Friday and salaries of $3500 per week are paid each Friday. This year December 31 is a Thursday.4.on June 15 the company purchased $1300 of supplies for cash. On September 14 the company made another cash purchase of $2100. As of December 31 the company accountant determined that $1600 of supplieswere on hand at year end. 5.The company received a note from a customer on May 31 2013 as payment for services. The amount of the note is $20000 with interest at 8%. The note and interest will be paid on May 31 2014.

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