3 Record the following transactions as dated below and make necessary adjustments for Dec 31st. 01-Jul-21 The organization purchased a one year insurance policy for $3,600 (12 marks) 01-Jan-21 The organization purchased office furniture for $8,000. Expected useful life is 6 years with salavage value of $800 01-Dec-21 The organization received a consulting fee of $9,000 for the work to be done 40% in december and 60% in February. 4 XYZ Inc has hired a new junior Accountant and he has recording the following entries to record cash received for $10,000 on April 1st, 2021 for the work to be done in May 2021 Date Account Titles 01-Apr-21 Service Revenue Cash Debit Credit 10,000 10,000 (4 marks) Review the entries and if adjustments are required, book the adjusting entries under 2 level reversal ebtry approach.