Watson Ltd commenced business on 1 June 2022 and prepares monthly financial statements. The unadjusted trial balance before any adjustments have been made for the month of July is presented below. WATSON LTD Unadjusted Trial balance 31 July 2022 Debit Credit $ $ Cash at Bank 14,300 Accounts Receivable 3,900 Office supplies 2,200 Prepaid insurance 5,500 Office equipment 16,200 Accumulated depreciation office equipment 1,200 Accounts Payable 8,300 Revenue received in advance 1,600 Bank Loan 6,000 Share Capital 25,000 Total $42,100 $42,100 An analysis of the account balances by the company's accountant provided the following additional information: 1. A physical count of office supplies revealed $1,300 on hand on 31 July 2022. 2. A one-year insurance policy was purchased on 1 June 2022 for $6,000. 3. Office equipment depreciates at $600 per month. 4. Employees were owed $1,500 for working the last four days of July as the next pay day was on the 5th August. 5. The amount of revenue received in advance that remains unearned at 31 July is $500. Required: a) Using the above additional information, prepare the adjusting entries that should be made by Watson Ltd on 31 July 2022. Narrations ARE NOT required (10 marks)