WITH EXPLANATIONS PLEASE

QUESTION #2 Mark atte Garry Unger Pty Ltd has the following transactions planned for the year 2021. Garry wants you to account for each of the transactions below as if they occurred on the first day of the year. Cash purchase of supplies for $5 000. Cash purchase of insurance for $7 000. Credit purchase of supplies for $2 000. Credit purchase of insurance for $3000. Credit purchase of rent for $1 000. A year-end count is expected to show supplies on hand of $1470. The rental agreement indicates the amount paid was for 24 months. The insurance purchased is for 36 months. 1. 2. 3. 4. 5. 6. 7. 8. REQUIRED: Supplies expense for the year 2021. Rent expense for the year 2021. Insurance expense for the year 2021. Prepaid rent at the end of year 2021. Prepaid insurance at the end of year 2021. Total current assets at the end of year 2021. Prepaid rent at the end of year 2022. Prepaid insurance at the end of year 2022