Q1: Mirbat Company has the following information relating to its accounts in 2021. Prepare the adjusting journal entries. a. On 1 January 2021, a customer paid OMR 3500 fees in advance for professional Services to be given by Mirbat company over the next six (6) months. Record adjusting journal entry at the end of January. b. An insurance policy for the year was purchased and the total premium of RO 4800 was paid in advance. Record adjusting journal entry at the end of January. c. Revenue for services performed during the year in the amount of RO 1500 has not yet been collected. Record adjusting journal entry at the end of the year. . Depreciation rate for Plant and Machinery is 30% per annum. Plant and Machinery have book value of RO 50000. Record adjusting journal entry at the end of the year. Q2: Explain the steps of accounting cycle in detail