(9 marks available) Govind Enterprises is a small photo studio in Melbourne. Theatre productions use the studio to mix high-quality demo recordings. New clients are required to pay in advance for studio services. Theatre productions with established credit are billed for studio services at the end of each month. Adjusting entries are performed monthly. An unadjusted trial balance dated December 31, year 1 , follows. (Bear in mind that adjusting entries already have been made for the first 11 months of year 1, but not for December) Additional Information: 1. Records show that $5,280 in studio revenue had not yet been billed or recorded as of December 31. 2. Studio supplies on hand at December 31 amount to $8,280. 3.On August 1, year 1, the studio purchased a six-month insurance policy for $1,800. The entire. premium was initially debited to Unexpired Insurance. 4. The studio is located in a rented building. On November 1. year 1, the studio paid $7,200 rent in advance for November, December, and January. The entire amount was debited to Prepaid Studio Rent. 5. The useful life of the studio's recording equipment is estimated to be five years (or 60 months). The straight-line method of depreciation is used. 6. On May 1, year 1, the studio borrowed $19,200 by signing a 12-month, 9 percent note payable to National Australia Bank. The entire $19,200 plus 12 months interest is due in fuil on April 30 , year 2. 7. Records show that $4,320 of cash receipts originally recorded as Unearned Studio Revenue had been eamed as of Desember 31. on April 30, year 2. 7. Records show that $4,320 of cash receipts originally recorded as Uneamed Studio Revenue had been earned as of December 31 . 8. Salanes eamed by recording technicians that remain unpaid at December 31 amount to $648. 9. The studio's accountant estimates that income taxes expense for the entire year ended December 31, year 1, is $23,520. (Note that $21,480 of this amount has already been recorded.) Prepare the appropriate journal entries (with narrations/explanations) as at 31 December, year 1 to record the adjusting entries. (9 marks available)