Business, 28.01.2020 22:46 Chapo1898

Buzzard bicycle specializes in custom painting and design of bicycles. december 31 is the company’s fiscal year-end. information necessary to prepare the year-end adjusting entries appears below.
1) a three-year fire insurance policy was purchased on july 1, 2021, for $18,000. the company debited prepaid insurance for the entire amount.
6) buzzard borrowed $36,000 on march 1, 2021. the principal is due to be collected in five years. interest is receivable each march 1 at an annual rate of 10%.

record the necessary adjusting entries on december 31, 2021. (do not round intermediate calculations. if no entry is required for a particular transaction/event, select "no journal entry required" in the first account field.)

if someone could explain this i'd be eternally grateful

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