Can someone help me with detailed answers for these two questions?

E4-4 Recording Adjusting Entries Elana's Traveling Veterinary Services, Inc..completed its first year of operations on December the year's entries have been recorded except for the following 31. Allf a. On March 1 of the current yeu., te company borrowed $60,000 at 10 percent inerestrateth repaid in five years. December. The bill will be paid in January of next year. 1. What is the annual reporting period for this company? b. On the last day of the current year, the company received a $360 utility bill for utilities used Required: 2. Identify whether each transaction results in adjusting a deferred or an accrued account. Usine process illustrated in the chapter, prepare the required adjusting entry for transactions (a) and h Include appropriate dates and write a brief explanation of each entry 3. Why are these adjustments made? Recording Adjusting Entries and Reporting Balances in Financial Statements Aubrae Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $4,800 was paid on October 1 of the current year for coverage E4-5 LO4-1,4-2 beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1 b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents. Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December 31 of the current year $13,000 75,000 20,000 Required . Using the process illustrated in the chapter, record the adjusting entry for insurance at December . 2. Using the process illustrated in the chapter, record the adjusting entry for supplies at Decembe 3. What amount should be reported on the current year's income statement for Insurance Expense? For 4. What amount should be reported on the current year's balance sheet for Prepaid Insurance? For of the current year. 31 of the current y ear, assuming that the shipping supplies purchased during the current year were in full to the account Shipping Supplies. Shipping Supplies Expense? Shipping Supplies