4:19 912 100% learn-ap-southeast-2-prod-fleet01-xythos.content.blackboardcdn.com 2/7 Exercise 5.12 Adjusting and reversing entries, justification The management consulting firm of the Abraham Sisters supplied the following information as at 30 June 2022, the end of the financial year. 1. Interest earned but not received totals $7800. 2. The June electricity account for $3426 has not been paid or recorded. 3. Consulting fees owing to the business and unrecorded as at 30 June 2022 amounted to $25 860. 4. The Abraham sisters received $18 900 in rent revenue on 1 May for the 3-month period beginning on that date. The transaction was recorded by a credit to Unearned Rent Revenue. 5. Prepaid Insurance was debited for $15 120 on 25 March to record the cost of a 12-month policy beginning on 1 April. Required (a)Prepare an adjusting entry for each item as at 30 June 2022. (b)Prepare reversing entries at 1 July 2022, where appropriate. Justify why you have/have not prepared reversing entries for each adjustment