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3.The following transactions occurred during 2016 for the Beehive Honey Corporation:

Feb. 1	Borrowed $27,000 from a bank and signed a note. Principal and interest at 8% will be paid on January 31, 2017.
Apr. 1	Paid $6,600 to an insurance company for a two-year fire insurance policy.
July 17	Purchased supplies costing $4,300 on account. The company records supplies purchased in an asset account. At the December 31, 2016, year-end, supplies costing $2,000 remained on hand.
Nov. 1	A customer borrowed $6,300 and signed a note requiring the customer to pay principal and 6% interest on April 30, 2017.

Required:

1.	Record each transaction in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Date Account titles and explanation Debit Credit Feb. 1 Cash $27,000 Note payable $27,000 Apr. 1 Prepaid insurance $6,600 Cash $6,600 July 17 Supplies $4,300 Accounts payable $4,300 Nov. 1 Note receivable $6,300 Cash $6,300

2.	Prepare any necessary adjusting entries at the December 31, 2016, year-end. No adjusting entries were recorded during the year for any item. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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