Prepare the adjusting journal entries needed (if any) on December 31 2013. AJEs are only prepared at year end (December 31). 15 points1.On July 31 2013 the company paid a two-year premium of $18000 on an insurance policy that is effective June 1 2013 and expires May 31 2015.2.The company received $48000 on May 1 2013 in return for which the company agreed to provide consulting services for 12 months beginning immediately.3.Employees work Monday through Friday and salaries of $3500 per week are paid each Friday. This year December 31 is a Thursday.4.on June 15 the company purchased $1300 of supplies for cash. On September 14 the company made another cash purchase of $2100. As of December 31 the company accountant determined that $1600 of supplieswere on hand at year end. 5.The company received a note from a customer on May 31 2013 as payment for services. The amount of the note is $20000 with interest at 8%. The note and interest will be paid on May 31 2014.