1.What's the difference between balance day adjustment general journal entry, closing general journal entryand reversing general journal entry?

2.How to deal with this question?

Aquila Ltd is a retailer of men's and women's shoes. Aquila Ltd paid 12 months insurance of $12,000 to Allianz Ltd on 1 October 2018. Aquila Ltd uses the expense method to account for insurance. Allianz Ltd uses the liability method to account for insurance. The year-end is 30 June 2019 Required In the accounts of Aquila Ltd a) Prepare the balance day adjustment general journal entry at 30 June 2019 b) Prepare the closing general journal entry at 30 June 2019 c) Prepare the reversing general journal entry at 1 July 2019 if required In the accounts of Allianz Ltd a) Prepare the balance day adjustment general journal entry at 30 June 2019 b) Prepare the closing general journal entry at 30 June 2019 c) Prepare the reversing general journal entry at 1 July 2019 if required