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Part 1 - Answer the following question Question 1 (40 marks) A- The following working paper shows the unadjusted and the adjusted trial balance for Farah Company as of December 31, 2019, Unadjusted Adjusted Trial Balance Trial Balance Cash $ 47,640 $ 47,640 Accrued reveme 14.000 22.000 Prepaid insurance (Prepayments) 0 2.000 Office equipment 84.000 84,000 Accum Depreciation Office equip. S 14.000 $ 20.000 Accounts payable 9.100 9.100 Interest payable (Accruals) 0 1,000. Salaries payable (Accrual) 0 7.000 Long-term notes payable 52,000 52.000 Farah, Capital 40.000 40.000 Farah, Withdrawals 5.000 5,000 Consulting fees eamed (Revenues) 123.240 131.240 Depreciation expense-Office equip 0 6,000 Salaries expense 67.000 74,000 Interest expense 1.200 2.200 Insurance expense 5000 3.000 Rent expense 14,500 14,500 Required: 1- Prepare the adjusting entries that have been made in Farah Company. (11 Marks) 2- Explain the differences between the adjusting entries and other journal entries. Also, explain why adjusting entries are needed. (3 Marks) 3- Prepare Farah's income statement for the year ended December 31, 2019. (2.75 Marks) 4- Prepare Farah's balance sheet as at December 31, 2019. (2.75 Marks) COON