Question A - Effect of Transactions on Specific Accounts (12 marks; 25 minutes) Maggy Dewitt, Inc. operates a management consulting service, which has a fiscal year end of December 31,2021 . Selected events for this business during 2021 follow. Dewitt's policy is to prepare adjusting entries once a year on December 31 . a) On June 30, 2021, a client gave Dewitt a note for $5,000 in exchange for Dewitt consulting services that were completed The client promised to pay the amount on March 1, 2022 along with interest, calculated at the rate of 6 percent per year. b) On September 1, 2021, Dewitt paid \$2,000 cash for office supplies. On December 31, 2020, Dewitt had $425 of supplies on hand. A physical count of office supplies on December 31 , 2021 , showed that supplies of $615 were still on hand. c) On October 1, 2021, Dewitt paid $1,320 in cash to renew its one year insurance policy with InsureAll Inc. The previous one-year insurance policy cost Dewitt 51,200 and expired on September 30, 2021. d) On November 10, 2021, Dewitt purchased school supplies for $210 for her children and used her personal credit card to pay for these supplies. e) On December 20, 2021, Dewitt received from CML, Inc, a cash advance of $1,000 for consulting services. This amount is a prepayment on a consulting contract that Dewill subsequently performed during January and February 2022. f) On December 29, 2021, Dewitt completed management consulting services for law firm I M Z Law, but did not send her invoice of $2,200 to the law firm until January 3,2022 Required: 1. Identify the accounts that are affected by each of the events a) through f ) above on the date of the event. Use the following format to provide your answers. The answer to transaction a) is provided as an example. If an event does not affect any account, explain why. ( 6 marks) 2. The company adjusts its accounts only at year-end. Identify the accounts that are affected by adjusting entries recorded at December 31,2021 , and the amount of the adjustment. Use the following format to provide your answers. If any of the events a) through g) does not require an adjusting entry, explain why, ( 6 marks)