Q.No. 2 (Data given above in TouchTone Talent Agency problem) a) Prepare the necessary Journal for closing entries at December 31, 2017. b) Prepare an After-Closing Trial Balance dated December 31, 2017. Part III-CLO:3, (10 Marks) Q.No.3 1. Why does the purchase of a one-year insurance policy four months ago give rise to insurance expense in the current month? Do adjusting entries affect income statement accounts, balance sheet accounts, or both? Explain 2. What does the globalization of business means? Think of two companies with which you familiar. How would you describe their level of globalization? 3. Briefly explain the concept of materiality. If an item is not material, how is the item treated for financial reporting purposes? 4. Explain how Carnival Corporation accounts for customer deposits as passengers purchase cruise tickets in advance?? Q.No. 2 (Data given above in TouchTone Talent Agency problem) a) Prepare the necessary Journal for closing entries at December 31, 2017. b) Prepare an After-Closing Trial Balance dated December 31, 2017. Part III-CLO:3, (10 Marks) Q.No.3 1. Why does the purchase of a one-year insurance policy four months ago give rise to insurance expense in the current month? Do adjusting entries affect income statement accounts, balance sheet accounts, or both? Explain 2. What does the globalization of business means? Think of two companies with which you familiar. How would you describe their level of globalization? 3. Briefly explain the concept of materiality. If an item is not material, how is the item treated for financial reporting purposes? 4. Explain how Carnival Corporation accounts for customer deposits as passengers purchase cruise tickets in advance