Please finish the charts below

In its first year of operations, Roma Company reports the following . Earned revenues of $52,000 ($44.000 cash received from customers), incurred expenses of $29,000 ($22.700 cash paid toward them). Prepaid $8.500 cash for costs that will not be expensed until next year, . Compute the company's first-year net income under both the cash basis and the accrual basis of accounting Cash Basis Accrual Basis Revenues Expenses Net income For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31 Step 1 Determine what the current account balance equals Step 2: Determine what the current account balance should equal Step 3 Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year a. Prepaid insurance. The Prepaid Insurance account has a $5,600 debit balance to start the year. A review of insurance polictos shows that $1,300 of unexpired insurance remains at year end. Prepaid Insurance Step 1 Determine what the current account balance equals Step 2. Determine what the current account balance should equal Step 3. Record the December 31, adjusting entry to get from step 1 to stop 2 Insurance Expense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of the year. A review of insurance policies shows $1,360 of insurance has expired by year-end. Prepaid Insurance Step 1: Determine what the current account balance equals Step 2 Determine what the current account balance should equal Step 3 Record the December 31. adjusting entry to get from step 1 to step 2 Insurance Expense Prepaid Insurance c. Prepaid Rent. On September 1 of the current year, the company prepaid $33,600 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $33,600. Prepaid Rent Step 1 Determine what the current account balance equals Step 2: Determine what the current account balance should equal Step 3. Record the December 31, adjusting entry to get from step 1 to step 2 Rent Expense Prepaid Rent