Question 2: Adjusting Entries: (24 marks) The ledger of BulkBoy Consulting at January 31, 2004 includes the following selected accounts: Credit Prepaid insurance Supplies Building Land Notes payable Unearned service revenue $ 4,800 1,800 200,000 80,000 $60,000 12,000 BulkBoy's accountant is inexperienced, and he would like your help in preparing the company's January 31, 2004 financial statements. He has provided you with the following information: A one-year insurance policy costing $4,800 was purchased on January 1, 2004. At that time the full amount was debited to prepaid insurance 1. 2. A physical inventory count on January 31, 2004 revealed $1,000 in supplies werestilining Land and building were purchased on January 1, 2004 at a cost of $280,000. The building has an expected useful life of 20 years. The purchase was financed by paying $140,000 in cash and the balance on a 2-year, 8% note payable. No interest has been paid. 3. 4. Unearned service revenue related to a client retainer paid on January 15, 2004. On January 31, 2004, half of this amount 5. A utility bill for $750 was.received on January 31 but was not recorded in the books. 6. The consulting hours billable on January 31 amounted to $10,000. The invoices will be prepared