Question 3 Chris's Florist Shop records all prepaid costs as assets and all revenue collected in advance as liabilities, and makes adjustments only at its fiscal year end, which is June 30. All of Chris's purchases are for cash unless stated otherwise. The following information relates to Chris's June 30, 2019year end, its first year of operations. On July 2, 2018, Chris purchased new equipment for $9,000. The equipment is expected to have a useful life of years and no residual value. On August 1, 2018 a one-year insurance policy was purchased for $2,480 On February 1, 2019 a corporate customer paid $3,120 as full payment for a one-year contract for fresh flowers to be delivered to its offices every Monday morning. At June 30, 21 of the required 52 deliveries had been completed. On July2, 2018 Chris purchased enough cleaning and office supplies to last the entire first year of operations for $3,680. At June 30, 2019, Chris counted the supplies on hand and calculated the cost, which amounted to $720. Chris pays her store assistant on alternate Fridays. The last pay day in June was June 20 and the first pay day after year end is July 4. The assistant worked 30 hours during this period, of which 20 were in July, and the rest in June. The assistant earns $15.00 an hour. Required: For each transaction, prepare any adjusting entries required at June 30, 2018 2019. If no adjusting entry is required, specify no entry