Assessment 2 question: Study Lab Ltd is a public reporting entity and is required to prepare comidated financial statements for the group. The company accountant has made the following adjusting entries in the worksheet for the year ended 30 June 2022 and each entry is independent Corporate tar 30% Entry 1: [Suggested time: 1 minute) Account name Date 30/6/2022 Entry 2: (Suggested time: 4 minutes) Date Account name 30/6/2022 Sales 30/6/2022 30/6/2022 30/6/2022 Sales Cost of sales 30/6/2022 Cost of sales Plant DTA ITE ITE Entry 3: (Suggested time: 1 minute) Date Account name Accrued Rental expense Accrued Rental income Rent income Rent expenses RIF 2 2 2 Accumulated depreciation 4 4 Depreciation expense 3 3 1 1 5 S Debit (5) 400,000 Debit (5) 50,000 9,000 1,000 900 REF 6 6 16 $6,000 6 Debit (5) 3,000 (2 marks) Credit (5) Credit (5) (8 marks) 20.000 30,000 9,000 3,000 900 3,000 (2 marks) Credit ( 36,000 Required Discuss the use of each consolidation worksheet entry and the reason why each account has been increased or decreased. Ensure that you discuss the technical reason for each of these adjustments rather than providing a narrative of the calculations for each amount Assessment 2 question: Study Lab Ltd is a public reporting entity and is required to prepare comidated financial statements for the group. The company accountant has made the following adjusting entries in the worksheet for the year ended 30 June 2022 and each entry is independent Corporate tar 30% Entry 1: [Suggested time: 1 minute) Account name Date 30/6/2022 Entry 2: (Suggested time: 4 minutes) Date Account name 30/6/2022 Sales 30/6/2022 30/6/2022 30/6/2022 Sales Cost of sales 30/6/2022 Cost of sales Plant DTA ITE ITE Entry 3: (Suggested time: 1 minute) Date Account name Accrued Rental expense Accrued Rental income Rent income Rent expenses RIF 2 2 2 Accumulated depreciation 4 4 Depreciation expense 3 3 1 1 5 S Debit (5) 400,000 Debit (5) 50,000 9,000 1,000 900 REF 6 6 16 $6,000 6 Debit (5) 3,000 (2 marks) Credit (5) Credit (5) (8 marks) 20.000 30,000 9,000 3,000 900 3,000 (2 marks) Credit ( 36,000 Required Discuss the use of each consolidation worksheet entry and the reason why each account has been increased or decreased. Ensure that you discuss the technical reason for each of these adjustments rather than providing a narrative of the calculations for each amount