Part A (4 Marks) Seven Seas Studios is a photography business that films videos on business occasions. In its first year of operations, Seven Seas Studios generated revenue of $317,000 for services provided, $145,600 of which was on account and still outstanding at the year-end at 30 June 2021. Seven Seas Studios also received $20,000 cash in advance on 26 June 2021 for filming a major corporate event in August 2021. How much service revenue would Seven Seas Studios has at the year ended 30 June 2021 under: a) the cash basis of accounting? Show calculation. (2 Marks) b) the accrual basis of accounting? Show calculation. (2 Marks) Part B (16 Marks) The unadjusted trial balance and the adjusted trial balance at 30 June 2021 for Hornsby Consultants are as follows. Hornsby Consultants Trial Balance As at 30 June 2021 Unadjusted Trial Balance Account Name Adjusted Trial BXlance Debit $ Credit $ Debit $ Credit $ Cash at bank 8,500 8,500 Accounts receivable 11,500 20,000 2,000 3,400 1,600 Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable 42,000 42,000 3,500 17,000 17,000 17,000 17,000 5,800 Accounts payable Wages payable Revenue received in advance Capital 4,900 4,900 45,000 45,000 73,900 Service revenue 65,400 42,300 48,100 Wages expenses 22,000 24,000 Rent expenses Depreciation expense Supplies expense 3,500 600 2,400 132,300 132,300 150,100 150,100 Required: Journalise the adjusting entries that were made on 30 June 2021. Narrations are required. (16 Marks)