Question 1 (20 marks) Before year-end adjustments are made, the December 31, 2019 trial balance of XYZ s Adventures contains revenue of $10,000 and expenses of $8,700. Adjustments are necessary for the following items: 1. Depreciation for the year is $2.000. 2. Revenue earned but not yet billed is $5.300. 3. Accrued interest expense is $1,100. 4. Supplies used, $150. 5. Revenue collected in advance that is now earned is $9.000. 6. Portion of prepaid insurance expired during the year is $600. syles Question 1 (20 marks) Before year-end adjustments are made, the December 31, 2019 trial balance of XYZ's Adventures contains revenue of $10,000 and expenses of $8.700. Adjustments are necessary for the following items: I 1. Depreciation for the year is $2,000. 2. Revenue eamed but not yet billed is $5.300. 3. Accrued interest expense is $1,100. 4. Supplies used, $150. 5. Revenue collected in advance that is now earned is $9.000. 6. Portion of prepaid insurance expired during the year is $600. Requirements: a) Record the above adjusting entries in the Journal. [12 Marks] b) Open One T-account and post to Service Revenue account ONLY, then compute its adjusted balance as on December 31,2019. [4 Marks] c) Calculate the correct Net Income (Net Loss) for XYZ's Adventures for the year ended Dec.31, 2019 (After adjustments). [4 Marks]