Question 12 (10 marks) You are provided with the following unadjusted trial balance as at 31st March 2022 for Drip Dry Cleaning Services. Drip Dry Cleaning ServicesUnadjusted Trial BalanceAs at 31st March 2022 Account Name Debit$ Credit$ Cash at bank 19,300 Accounts Receivable 12,870 Prepaid Insurance 18,000 Dry Cleaning Supplies 5,230 Dry Cleaning Equipment 65,800 Accounts payable 16,830 Revenue Received in Advance 3,600 Loan Payable 26,200 Capital V. Maclean 45,000 Service Revenue 70,470 Advertising Expense 3,200 Interest Expense 8,300 Rent Expense 12,500 Salaries Expenses 16,900 162,100 162,100 Required: Using the following information, prepare adjusting journal entries at as 31st March 2022. Narrations ARE NOT required.

1. The business purchased a 1-year insurance policy for the period 1st March 2022 to 28th February 2023 for $18,000. The purchase was recorded as Prepaid Insurance at the date of purchase. 2. On 1st March 2022, Treetops Hotel paid the business $3,600 for dry cleaning services to be provided for the next three (3) months. At the end of March 2022, $2,400 of services had not yet been provided by the business. 3. During the month of March 2022, the business purchased $5,230 of Dry-Cleaning Supplies on credit. On 31st March 2022, $2,630 worth of Dry-cleaning supplies were still on hand. 4. The business received its electricity bill from AusEnergy for the period 1st January, 2022 to 31st March, 2022 for $4,800. The account remains unpaid and unrecorded at 31st March 2022. 5. The monthly depreciation on the Dry-Cleaning Equipment is $2,100.

Question 12 (10 marks) Required: Using the following information, prepare adjusting journal entries at as 31st March 2022 . Narrations ARE NOT required. Required: Using the following information, prepare adjusting journal entries at as 31st March 2022. Narrations ARE NOT required. 1. The business purchased a 1-year insurance policy for the period 1st March 2022 to 28th February 2023 for $18,000. The purchase was recorded as Prepaid Insurance at the date of purchase. 2. On 1st March 2022, Treetops Hotel paid the business $3,600 for dry cleaning services to be provided for the next three (3) months. At the end of March 2022 , $2,400 of services had not yet been provided by the business. 3. During the month of March 2022, the business purchased $5,230 of Dry-Cleaning Supplies on credit. On 311st March 2022,$2,630 worth of Dry-cleaning supplies were still on hand. 4. The business received its electricity bill from AusEnergy for the period 1st January, 2022 to 31st March, 2022 for $4,800. The account remains unpaid and unrecorded at 31st March 2022 . 5. The monthly depreciation on the Dry-Cleaning Equipment is $2,100