Question 3 [CLO-3] Noor Co. had the following transactions in the last few months of its fiscal year ended on December 31st 2020. RECORDING ENTRIES: - Sep. 1: Received $30,000 cash to provide future consulting services for an industrial client. Sep 1: Paid in advance $4,800 cash for 6 months of insurance expense thrigh Febeth of the next year. Sep 30: Paid $3,200 cash to a law firm for future legal services to be received. Sep 30: Paid salaries expenses amounting $2,700 in cash for the month of September. Oct 1: Purchased office furniture amounting $12,000 on credit where amount has to be paid in 6 months. Nov 30: Owner withdrew $4,000 cash from the business for his personal use. ADJUSTING ENTRIES: 7 geints Dec 31: Of the insurance expense paid in advance on Sep 1, 2020, total 4 months of insurance expense has been incurred until the end of the year on Dec 31st 2020.. Dec 31: Out of the total amount paid in advance for legal services on September 30th, services worth $1,200 are received during the year ended on December 31st 2020. Dec 31: Depreciation expense amounting $750 on office furniture need to be recorded at the year end. Required:- a) Prepare recording entries during the year for these transactions under the method that records prepaid expenses and unearned revenues at the time cash is paid or received in the balance sheet accounts. (3 marks) b) Also prepare three of the given adjusting entries mentioned above at the end of the year on Dec 31st. (3 marks) c) Write down the major difference between cash accounting and accrual accounting. (1 mark) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) BIVS Paragraph Arial 10pt AIXO Q +4