Busnext pays insurance in advance in March each year for the 12-month period 1 April to 31 March. The business reports annually on 30 June. On 1 July 2015, the balance in the Prepaid Insurance Expense account was $2700. On 27 March 2016, the business paid the next premium of $4356 including GST. This amount included a price increase. a. Prepare the General Journal entries required to adjust and close the relevant accounts on 30 June 2016. Narrations are not required. b. Show how the Prepaid Insurance Expense account would appear in the General Ledger at 30 June 2016 after all entries have been posted. You are required to balance the account. 4 marks 3 marks c. With reference to one accounting principle, explain the purpose of closing the General Ledger. 3 marks