1. On July 1, 2022 a company paid $10,000 in advance for 12 months of business insurance. What amount of Insurance Expense should be recorded for 2022 under the cash-basis of accounting and the accrual-basis of accounting? Show your calculations. (1 point) Cash basis: Accrual basis: 2. At the end of the accounting period accrued salaries owed to employees was $1,500, but no adjusting entry was made. What effect did this have on the financial statements? (1 point) 3. Make the following adjusting entries: (4 points) a. On Jan. 1, equipment was purchased for $18,000 cash. The equipment will be depreciated evenly over its estimated useful life of 5 years. What adjusting entry should be made on Dec. 31? Show your calculations. b. At the beginning of the month, the balance in the Supplies account was $200. During the month the company purchased $150 in supplies. At the end of the month, only $100 of supplies remains. What adjusting entry should be made at the end of the month? Show your calculations. c. On June 1, the company paid \$12,000 in advance for a 1-year insurance policy. What adjusting entry should be made on December 31 of this year? Show your calculations. d. On September 1 a company borrowed $5,000 from the bank at 12% annual interest. What amount of interest expense should the company record when adjusting entry on December 31 of that year? Show your calculations. 4. Given the following adjusted trial balance, answer the questions that follow. Show your calculations. (3 points) a. What is the amount of total current assets? b. What is the amount of total current liabilities? c. What is the amount of net income