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Problem 4 The following transactions relate to Reverselt Repairs Inc., a computer repair shop, during 2023: 1. A one-year building insurance policy was purchased for $3,600 cash on May 1,2023. 2. On September 1, Reverselt received $180 from a customer for a six-month contract for computer maintenance and upgrades. 3. Employees worked for the period December 26 - 31 , earning $850, and also worked for the period January 1 - January 5 , eaming $450. The emplc yees will be paid for the full amount (both pay periods) on January 5. 4. Reverselt purchased some supplies on August 15 for $625 cash. A count of the supplies at December 31 revealed that there were still $275 of suppl lies on hand. Assume a December 31 fiscal year end. Instructions A. Assume that reversing entries are not used and that all initial prepayments are recorded as prepaid expenses or unearned revenues. Journalize all if the entries required for the above transactions (i.e., the initial transaction, the adjusting entry, and the subsequent entry). B. Assume that reversing entries are used and that all initial prepayments are recorded directly in expense or revenue accounts. Joumalize all of the er thies required for the above transactions (i.e., the initial transaction, the adjusting entry, the reversing entry, and the subsequent entry)