The management consulting firm of the Zimbardi Sisters supplied the following information as at 30 June 2016, the end of the financial year.

1.    Interest earned but not received totals $2600.

2.    The June electricity account for $1142 has not been paid or recorded.

3.    Consulting fees owing to the business and unrecorded as at 30 June 2016 amounted to $8620.

4.    The Zimbardi sisters received $6300 in rent revenue on 1 May for the 3-month period beginning on that date. The transaction was recorded by a credit to Unearned Rent Revenue.

5.    Prepaid Insurance was debited for $5040 on 25 March to record the cost of a 12-month policy beginning on 1 April.

Required

A.    Prepare an adjusting entry for each item as at 30 June 2016.

B.    Prepare reversing entries where appropriate. Justify why you have/have not prepared reversing entries for each adjustment.