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The following transactions/adjusting entries have not yet been recorded/adjusted as at 31 December 2019: On 1 June 2019 Velvet Turtle pre-paid a one-year insurance policy, effective on 1 July (1) 2019. All salaries that Velvet Turtle owed to its staff were paid out on 31 December 2019. (2) In December 2019, the Velvet Turtle promotes its business by placing advertisement (3) through a web platform. The advertising fee of $50,000 will be paid on 15 January 2020. Velvet Turtle purchases supplies of $1,000 on account in December 2019. Office supplies (4) on hand as at 31 December 2019 was $300. (5) Recently, a customer has serious skin allergy after wearing the t-shirts of Velvet Turtle and is suing Velvet Turtle for compensation of $500,000. Velvet Turtle's Lawyer regards the claim as remote and it is considered as the liability of the manufacturer. On 31 December 2019, Velvet Turtle delivered $5,000 of t-shirts that were previously paid by the customer and recorded as unearned revenue. On the same day the Company received another $2,000 in advance for t-shirts to be delivered next month. (6) On 1 October 2019, the Company borrowed $75,000 from Hungry Tiger Company by (7) signing a six months' notes payable at 6% interest per annum. The entire note will be due for payment next March but interest were paid quarterly i.e. at the end of every three months. The payment has not yet been recorded. (8) Velvet Turtle estimates that the income taxes expense for the entire year is s 100,800. The amount will be due in March 2020. (9) Velvet Turtle uses straight-line depreciation method. Estimated useful life of the fixtures and equipment is 8 years and estimated residual value is $10,000. Depreciation expense of the fixtures and equipment is only adjusted up to the end of May. Required (a) Prepare the necessary journal entries to update the financial records of Velvet Turtle Company as of 31 December 2019. If any item above does not require adjusting entry, state No entry" and short explanation is required. (23 marks)