Problem $3.$ Following are three separate transactions that pertain to prepaid items. Evaluate each item and prepare the journal entries that would be needed for the initial recording and subsequent end$-$of$-20$X$3$ adjusting entry. Assume the company uses the balance sinet approach, and the initial recording is to an asset account. The company has a calendar year$-$end and does not make any adjusting entries prior to December $31.(1)$ The company purchased an $18-$month insurance policy for $$18,000$ on June $1,20$X$3.(2)$ The company started $20$X$3$ with $$20,000$ in supplies $($this was previously recorded, and you do not need to make an entry for the beginning balance$),$ purchased $$30,000$ in supplies during the year, and found only $$13,000$ in supplies hand at the end of $20$X$3.(3)$ The company paid $$2\mathrm{.}500$ topeltond the rental period began on December $16,20$X$3,$ and ends on February $14,20$X$4.$ Credit Debit GENERAL JOURNAL Accounts Date $01/0631/12$ Credit Debit GENERAL JOURNAL Accounts Date various $31/12$ Credit Debit GENERAL JOURNAL Accounts Date $16/1231.$gru