Please be as detailed as possible, and please explain each step, thanks :)

Prepare the necessary adjusting entries at December 31, 2016 for the Tempe Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. If no adjusting entry is required, write None. A one-year commercial, general liability policy was purchased on May 1, 2016 for $3,000. The company debited insurance expense for the entire amount. The company lent one of its officers $45:000 on a nine-month, 6% note on June 1, 2016. No interest has been recorded. On November 30, 2016, the company discovered that it could not meet payroll. So it borrowed $25,000 from the bank. The company signed a note that requires principal and interest at 8% per annum to be paid in sixty days