Question 2 - Record for Orange Corporation the required adjusting journal entries on December 31, 2021 for the below transactions. 30 marks a. On May 1, 2021, company collected $7,556 as advance from a customer for services it will provide over the next 12 months. b. On Jan 1, 2021, purchased a machine for $10,360. The machine will have a useful life of 8 years. c. On Sept 1, 2021, paid $19,000 for a one-year insurance policy