Wallin Enterprises disclosed the following information on Decemb 1 answer below »

Wallin Enterprises disclosed the following information on Decemb 1 answer below »

Wallin Enterprises disclosed the following information on December 31, 2012 (before any adjusting entries were made):
1. In June, Wallin purchased an insurance premium for $54,000 for the 18 months beginning July 1, 2012.
2. On November 1, Wallin received $12,000 from Judy Phan for six months of rent beginning on November 1.
3. On February 1, Wallin borrowed $50,000 at 10% interest. Wallin has not recognized any interest expense this year.
4. On October 1, Wallin loaned Chris Spiker $15,000 at 12% interest. No interest revenue has been collected or recorded. For each item listed, prepare the necessary adjusting entries to be made on December 31, 2012.

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