- When the company prepays an expense, it debits that amount to an expense account. - When the company receives payment for future services, it credits the amount to a liability account. The company uses the following accounts: Cash, Accounts Receivable, Interest Receivable, Prepaid Interest, Prepaid Rent, Accounts Payable, Interest Payable, Notes Payable, Salaries Payable, Unearned Service Revenue, Service Revenue, Interest Revenue, Interest Expense, Salaries Expense, and Rent Expense. The company adjusts its accounts annually. The following information is available for the year ended December 31, 2021. Required: Answer the following FOUR parts. For each of the transactions during 2021 below, prepare the journal entry to record the initial transaction (i.e., the "initial entry"), if any, and then prepare the adjusting entry, if any, required on December 31, the end of the fiscal year. Write "no entry" if no entry is required. (a) On November 15, hired five employees who started working on December 1. Employees are paid a total of $8,400 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Friday, so employees will have worked 5 days (Monday, December 27-Friday, December 31) that they have not been paid for by year-end. Employees will be paid next on January 3 . (b) On November 1 , received $12,000 in advance from a gaming club. The games will be played evenly for the next five months. (c) On November 1, borrowed $36,000 from a local bank on a 2-year note. The annual interest rate is 5%. Interest is payable on the first day of each following month and was last paid on December 1 . (d) On December 1, paid rent on the track facility for three months, $48,000