Can anyone explain how to do question b)? The previous answer and transactions are shown. Thank you!! Please explain how you knew each one if possible.

Return to Blackboard Financial Accounting, Seventh Canadian Edition l System Announcements PRINTER VERSION BACK NEXT Problem 4-1A (Part Level Submission) 1, and it adjusts its accounts annually. Selected transactions for the current year Oueliete corporaton began operatons an January 2. ts year end is December 31, and kadusts ts accounts annualy Selectedtansactions for the current year began operations on January 2. Its year end is December 3 follow: 1. On January 2, purchased supplies tor $4,200 cash. A physical count at December 31 revealed that $710 of supplies were stll n hand. 2. Purchased a vehicde for $45,400 on Apnil 1, paying $6,000 cash and signing a $39,400 bank loan for the balance. The vehicle is estimated to have a years and the company uses straight-line depreciation. 3. Purchased a $3,970, one-year insurance policy for cash on August 1. The policy came into effect on that date. 4. Received o $1,870 advance cash payment from a cilent on November 9 tor services to be performed in the future. As at 5. On December i, the company rented additional office space for a sive-month period starting on December 1 for $1,400 each month. It December 31, half of these services had been completed. month. It pald rent for the months of December and January in advance on this date