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Question 1 (19 marks) NARRATIONS and CALCULATIONS are required for ALL journals a) On 1 February 2021, a business paid its annual insurance premium of $5,040. (5 marks) Prepare a balance day adjustment journal at the year ended 30 June 2021 i. Date Details Dr $ Cr $ ii. State how much of the payment will be expensed in the year ended 30 June 2022. b) On 30 June 2021 a business had paid $120,000 in wages and was owing an additional $7,500 in wages. (4 marks) i. Prepare a balance day adjustment journal at the year ended 30 June 2021 Date Details Dr $ Cr$ ii. State the total wages expense amount to be shown in the Income Statement for the year ended 30 June 2021