Al-Ain Co. had the following transactions in the last few months of its fiscal year ended on December 31st. RECORDING ENTRIES: - Sep. 1 Received $6,500 cash to perform future consulting services for a client. Sep 1 Paid in advance S6,000 cash for 12 months of insurance expense through August 31st of the next year. Sep 30 Paid $5,000 cash to a accounting firm for future tax services to be received Oct 1 Paid S3,400 cash for future newspaper advertising. Oct 31 Wages expenses amounting S3,500 for the month of October are paid at the end of the month. Nov 15 Purchased motor vehicle amounting $6,000 and paid by cash. ADJUSTING ENTRIES: Dec 31 Services worth $1,500 are not yet provided to the client who paid on Sep. I. Dec 31 A part of the insurance expense for 4 months paid for on Sep I has expired. The amount need to be adjusted Dec 31 Salaires expense amounting $3,000 is still payble at the end of the year. Required: a) Prepare recording entries during the year for these transactions under the method that records prepaid expenses and earned revenues at the time cash is paid or received in the balance sheet accounts. (3 marks) b) Prepare three adjusting entries mentioned above at the end of the year on Dec 31st. (3 marks) c) What is the purpose of making adjusting entries at the end of the accounting period. (1 mark)