Monthly Craft Magazine's ledger includes the following accounts: Subscriptions revenue, Unearned subscriptions revenue, Prepaid insurance, Insurance expense, Prepaid rent and Rent expense.

The following transactions relating to subscriptions, insurance and rent occurred on the dates indicated. Ignore GST.

Subscriptions

• 1 July 2022.The 'Unearned subscriptions revenue' account contained a credit balance of $77,500. Of this balance, $21,900 is for subscriptions expiring at the end of October and $55,600 is for subscriptions expiring at the end of February.
• 1 November 2022.Monthly Craft Magazinereceived $18,000 for subscriptions lasting 6 months.
• 1 March 2023.Monthly Craft Magazinereceived $36,000 for subscriptions lasting 12 months.
• 1 May 2023.Monthly Craft Magazinereceived $16,000 for subscriptions lasting 6 months.

Insurance

• 1 July 2022.The 'Prepaid insurance' account contained a debit balance of $11,970 for a policy that ends on 31 March.
• 15 September 2022.Monthly Craft Magazinepaid $30,000 for a 12-month policy beginning coverage on 15 September.

Rent

• 1 July 2022.The 'Prepaid rent' account contained a debit balance of $12,995 for the period July to November inclusive.
• 1 December 2022.Monthly Craft Magazinepaid $24,000 for 9 months' rent.

Required

1. Record the necessary adjusting entry on 30 June 2023 (the end of the financial year).

(b) For each of the transactions listed above in this question, enter the beginning balance amount in the relevant T-account and post the amounts from the transactions directly to the relevant T-accounts. Then post the amounts from the adjusting entries from part (a) to the relevant T-accounts.