The following information is provided for Weston's Dry Cleaning Services as at 30 June 2020. 1. The business paid rent on its premises for the 3-month period covering 1st July 2020 to 30th September 2020 of $3,600. 2. During the month of June 2020 the business purchased $1,640 of supplies on credit. On 30 June 2020, $640 worth of supplies were still on hand. 3. Monthly depreciation on the dry-cleaning equipment is $600. 4. The business received its electricity bill from Energy Supplies for the period 1st April 2020 to 30th June 2020 for $1,500. The account remains unpaid at the 30th June 2020. 5. On 30 June 2020, Downtown Hotel paid the business $2,100 for dry cleaning services to be provided for the next three (3) months. Required: a) Prepare the adjusting journal entries that relate to each of the above transactions as at 30 June 2020. Narrations ARE NOT required (10 marks). b) Explain why adjusting entries are necessary at the end of a reporting period (2 marks).