Question 3 (9 points) The following information for Valance Company is available on June 30, 2022, the end of a monthly accounting period. You are to prepare the necessary adjusting journal entries for the Valance Company for the month of June only for each situation given. Appropriate adjusting entries for previous months had been recorded in previous months. You may omit journal entry explanations. The ledger accounts are given below. Supplies, Prepaid Insurance, Insurance Expense, Supplies Expense. Depreciation Expense, Salaries and Wages Expense, Accumulated Depreciation - Equipment, Salaries and Wages Payable, Unearned Rent Revenue, Rent revenue. #1 is completed: 1. Valance Company purchased a 2-year insurance policy on April 1, 2022, and debited Prepaid Insurance for $4,200 on that date. The adjusting entry in the end of June will be Dr Insurance Expense Cr Prepaid Insurance [$4,200/24 x 1 $175] 175 175 2. On April 1, 2022, a customer (tenant) in an apartment building owned by the Valance Company paid $4,500, which represents three months' rent revenue, received in advance. The amount received was credited to the Unearned Rent Revenue account. The adjusting entry in the end of June will be Dr Cr 2 3 3. On June 1, 2022, the balance in the Supplies account was $130. During June, office supplies costing $950 were purchased. A physical count of office supplies at June 30 revealed that there was $150 still on hand. The adjusting entry in the end of June to record the use of supplies will be Dr Cr 4. On March 31, 2020, the Valance Company purchased equipment for $30,000. It is estimated that the monthly depreciation will be $625. The adjusting entry in the end of June will be Dr Cr 5. Valance Company has two office employees who earn $100 and $120 per day, respectively. They are paid each Friday for a five-day work week that begins each Monday. Assume June 30 is a Wednesday and they have to accrue the salary for 3 days. The adjusting entry to record salary accrued in the end of June will be 5 Dr Cr