QS 4-11 Identifying the accounting cycle [ P2 List the following steps of the accounting cycle in their proper order. a. Posting the journal entries. b. Journalizing and posting adjusting entries. c. Preparing the adjusted trial balance. d. Journalizing and posting closing entries. e. Analyzing transactions and events. f. Preparing the financial statements. g. Preparing the unadjusted trial balance. h. Journalizing transactions and events. i. Preparing the post-closing trial balance. c. Record services revenue earned for which cash will be received the following period. QS 3-5 Prepaid (deferred) expenses adjustments 9 P1 For each separate case below, follow the three step process for adjasting the prepaid asset account at December 31. Step I: Determine what the current accoont balance equals. Step 2: Determine what the current account balance should equal. Step 3; Record tho December 31 adjusting entry to get from step I to step 2 . Assume no other adputing entrie are made during the vear. a. Prepaid Insurance. The Prepaid Insurance account has a $4,700 debit balance to start the year. A review of insurance policies shows that $900 of unexpired insurance remains at yearend. b. Prepaid Insurance. The Prepaid Insurance account has a $5,890 debit balance at the start of the year. A review of insurance policies shows $1.040 of insurance has expired by yearend. c. Prepaid Rent. On September 1 of the current year, the company prepaid $24,000 for two jears of rent for facilities being oceuibed that day. The company debited Prepaid Rent and credited Cash for \$24,000