Question 1Create balance day adjustment entries as at 30/6/2022 entries for the following transactions. Folios are not required for these journals. Use account names as appropriate, and you must include appropriate narration for each journal. (Hint: Do not simply write the narration in just few words “Balance day adjustments” which is not enough. Appropriate narration must be meaningful relevant to the journal entry recorded. For information can refer to the examples described in chapter 15 in the Flipbook in Connect)Transactions:1.Wages to be accrued for 30 June - $1,0002.Interest earned but not yet received for June - $5503.Record Insurance paid as a prepayment on 1/6/2022. The amount of $2,400 (ignore GST) was paid for 12 months coverage commencing 1/6/2022. This entry is to be treated as a “Standing Journal”. (Hint: Refer to chapter 15 and follow the method prescribed for entry of Standing Journal) 4.Fee income received $5,000 in June was for services yet to be provided.5.Depreciation on Motor Vehicles for the year was calculated to be $4,500.6.Annual Leave provision balance is to be $11,000 at 30/6/2022. The opening balance was $5,000 at 1/7/2021 and the payments to employees during the financial year ended 30/6/2022 were $4,500.On completion of these 30 June entries, reversing journals are to be prepared for the new financial year 1/7/2022. (Hint: Not every items would require a reversing journals. Refer to chapter 15 in flipbook to find out what types of accounts would require reversing journal entry) General JournalDateDetailsDebitCredit30/6/2022Wages 1,000Acured Expense1,000Balance day adjustment – accrued wages30/6/2022Accured Interest 550Interest Income550Balance day adjustment – interest not yet received30/6/2022Prepaid Insurance2,400Insurance2,400Prepaid insurance for 12 months coverage30/6/2022Insurance 200Prepaid Insurance200Adjustment to allocate one months worth of insurance expense30/6/2022Fee Revenue5,000Revenue received in advance5,000Fee income for June; services that yet to be completed30/6/2022Depreication Expense4,500Accum. Depreication - Vehicles4,500Depreciation on motor vehicale for the year ending 30/6/2230/6/2022Annual Leave Expense10,000Provision Annual Leave 10,000Adjustment of annual leave to reflect balance of $11,000 for year ending 30/6/20221/7/2022Accured Expenses1,000Wages 1,000Reversing of accured wages for June 22 1/7/2022Interest Revenue550Acured Interest550Reversing accured interest income from June 1/7/2022Revenue Received in Advance5,000Fee Revenue5,000Reversing of fee received in adbance from June 22