Singleton, Inc., had the following transactions during the year.
a. Merchandise was sold to customers on credit.
b. Purchased equipment to be used in the operation of its business.
c. A two-year insurance contract was purchased.
d. Received cash for services to be performed over the next year.
e. Paid monthly employee salaries.
f. Borrowed money from First Bank by signing a note payable due in five years.

Required:
Identify and explain why each transaction may or may not require adjustment.