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QUESTION 1 (2+8) = 10 marks a) Explain various steps in the Accounting Cycle b) Provide the Journal entry for the following adjustments: 1. Portion

QUESTION 1 (2+8) = 10 marks a) Explain various steps in the Accounting Cycle b) Provide the Journal entry for the following adjustments: 1. Portion of prepaid insurance which has now expired (been used up) 2. Revenue earned but not yet received 3. Portion of recognised revenue which is considered unearned 4. Expenses incurred but not yet paid 5. Revenue received in advance which is now earned

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