i need help solving these 3 questions in ACCT-201 in the attatchments

thank you

FINANCIAL ACCOUNTING ACCT 201 ASSIGNMENT 2 Q 1. Contrast the cash basis of accounting with the accrual basis of accounting. (1 point) Q 2 Record the following transactions of Reed Co. in the desired manner and give the adjusting entry on December 31, 2010. (Two entries for each part.) (2 points) 1. An insurance policy for two years was acquired on April 1, 2010 for $8,000. 2. Rent of $12,000 for six months for a portion of the building was received on November 1, 2010. Q 3The adjusted trial balance of Ryan Financial Planners appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31: 1. an income statement. (1 point) 2. a retained earnings statement. (1 point) 3. a statement of financial position. (1 point) RYAN FINANCIAL PLANNERS Adjusted Trial Balance 1 December 31, 2012 Debit Cash .. 4,400 Accounts Receivable.......................................................................... 2,200 Office Supplies................................................................................... 1,800 Office Equipment............................................................................... 15,000 Credit Accumulated DepreciationOffice Equipment................................ 4,000 Accounts Payable............................................................................... 3,800 Unearned Revenue............................................................................. 5,000 Share Capital-Ordinary..................................................................... 10,000 Retained Earnings (1 Dec)................................................................. 4,400 Dividends .......................................................................................... 2,500 Service Revenue................................................................................. 3,700 Office Supplies Expense.................................................................... 600 Depreciation Expense........................................................................ 2,500 Rent Expense..................................................................................... 1,900 ______ 30,900 Q 4 Provide clear, concise answers for the following. (4 points) 1. What is the accrual basis of accounting? 2. What is an accrued expense? 3. What is accrued revenue? 4. What is a prepaid expense? 5. What is unearned revenue? 6. State the rule that indicates which adjusting entries for prepaid and unearned items should be reversed. 2