7 points Save Answe The accountant of Whiskey & Gin Lid has identified the following issues while preparing the financial statements for the year ended 30 June 2022: 1. Food & Wine Lid owes $3,500 for a function held in June 2022. Food & Wine Lid has not yet been invoiced for this event. Whiskey & Gin Lid has not recorded this sales revenue in its accounting information system. 2. Whiskey & Gin wages of $2,800 relating to the 7-day week up to and including Friday 1 July 2022 are due to be paid on Monday 4th July and are not yet recorded in the accounting information system. Whiskey & Gin wages are a flat rate per day ($400 per day). 3. Whiskey & Gin has unpaid rent amounting to $7,500 for the month of June that has not been recorded in the accounting information system. A 4. 12 Months of insurance of $1,080 was paid on 1 March 2022 for the insurance period 1 March 2021 to 28 February 2022. This payment was initially recorded as a prepaid insurance. Required: a. Prepare the relevant general journal adjusting entries with narratives for each of the issues identified (4 marks) b. State whether the profit, assets or liabilities would be understated, overstated or unaffected in the absence of the adjusting entry for each of the four issues above. Consider each issue individually