The information listed below was obtained from the accounting records of Williams Company as of December 31, 2013, the end of the company's fiscal year.

(a) On August 1, 2013, the company borrowed $120,000 from the Bank of Wistful Vista. The loan was for 12 months at 9 percent interest payable at the maturity date.

(b) Finished goods inventory on January 1, 2013, was $200,000, and on December 31, 2013, it was $260,000. Cost of goods sold was $2,400,000. The company uses a perpetual inventory system.

(c) The company owned some property (land) that was rented to J. McArthur on April 1, 2013, for 12 months for $8,400. On April 1, the entire annual rental of $8,400 was credited to rent collected in advance, and cash was debited.

(d) On September 1, 2013, the company loaned $60,000 to an outside party. The loan was at 10 percent per annum and was due in six months; interest is payable at maturity. Cash was credited for $60,000, and notes receivable was debited on September 1 for the entire amount.

(e) Accrued salaries and wages are $18,000 at December 31, 2013.

(f) On January 1, 2013, factory supplies on hand equaled $200. During 2013, factory supplies costing $4,000 were purchased and debited to factory supplies inventory. At the end of 2013, a physical inventory count showed that factory supplies on hand equaled $800.

Prepare journal entries to adjust the books of Williams Company at December 31, 2013.