cruise 4 1 . I The following information was extracted from the accounting records of the business of Wendy’s Lawnmowing Services Account balances at…

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cruise 4 1 . P . IThe following information was extracted from the accounting records of the business of Wendy’sLawnmowing ServicesAccount balances at 1 July 2018 :Rent accruedRates prepaidWILInsurance prepaidPayments made during the year ended 30 June 2016 were as followsHAHA!ANERent 4 months to 31 July 2018Insurance , I year to 31 October 2019Rates , 6 months to 31 March 2019Rent , 4 months to 30 November 201Rent , 4 months to 3 March 2019Rates , 6 months to 30 September 2019Assume that whenever cash was paid , the debit entry was made to the appropriate expenseaccount , rather than the asset or liability , for the year . The only exception to this is the firstpayment for the year which is split between the accrual or deferral and the expenseACCT 5023 Financial Accounting – Preparation Question Solutions – TopicsPage 301 17Required1 1 1Write up and balance the Rent Payable , Prepaid Rates ,and Prepaid Insurance accounts in theledger of WendyWendy’s Lawnmowing Services for the year I July 2018 10 30 June 2019Show edExplain whyclearly any adjusting entries that may be required on 30 June 2018 Explain why theseadjusting entries are necessary