Each of the following is an independent situation. Adjusting entries are prepared at year-end. Please construct and complete all the required entries in the general journal and the general ledger (T-accounts). Please use the practice exercise google sheets template, see google classroom. (Total Marks 40) 1. The Supplies account shows a balance of $5,000 at the close of business on December 31, 2021. A physical count of supplies shows an inventory of supplies with a total value of $2,190. Make all the required adjustments as at December 31. 2. On April 1, 2014, a one-year insurance policy was purchased for $4,800. The fiscal year end is April 30. a) Record the original purchase of the policy on April 1. b) Calculate the adjusting entry and record it in on December 31. 3. A real estate management firm receives $3,000 on September 3 for five months of rent on an apartment beginning September 1st. Make all the required adjustments as at Dec. 31. 4. Prepare the adjusting entries for the year ended December 31, 2021, for the following: a) The supplies account has an $2,400 balance. Actual supplies on hand December 31, 2021 is $1,300. b) Rent was paid for 5 months on October 1, 2021, for a total of $4,500. c) A 12-month insurance policy was purchased on August 1, 2021, for $3,600. 5. On November 1, 2021, BEST-Rentals received a $4,500 cheque for the rental of a storage unit for nine months. a) Record the entry in BEST-Rentals books on November 1. b) Prepare the year-end adjusting entry on December 31, 2021