of$-$year adjusting entries $($when needed$)$ assuming $($a$)$ use of a "balance sheet" approach versus $($b$)$ use of an "income statement" approach. You may assume a calendar year end for each scenario. Use T$-$accounts to show how the same financial statement results occur under either approach. The worksheet on the website includes an illustrative solution for the first scenario. Scenario $1$ A $$1,500,$ one$-$year insurance policy was purchased on June $1,20$X$1.$ Scenario $2$ Unearned revenue of $$20,000$ was collected on August $1,20\backslash$times $1,$ and $40\%$ of this amount was earned by the end of the year. Scenario $3$ On December $1,20\backslash$times $1,$$$3,000$ was prepaid for space in a trade$-$show booth. The trade show is in February of $20\backslash$times $2.$ Scenario $4$ A $$1,000$ customer deposit for future services was received on April $1,20$X$1.$ On June $20,20\backslash$times $1$ the customer canceled the agreement and received a full refund.