Question 1 - Adjusting the Accounts - ILOs A1, B1, C1 - 10 marks, 2 marks each 30 minutes. The following transactions occurred for Albilal org.: 1. On May 1, 2023, Albilal org. lent $67,000 to another company, Alshemam org. A note was signed with the principal and 6% interest to be paid on November 30,2026. 2. On July 31,2024 , the company paid its landlord $16,800 representing rent for the months of August 1 through Feb 1. Prepaid rent was debited at the time of payment. 3. On June 1, 2024, the company collected $24,000 rent in advance from another company that is renting a portion of Albilal's factory. The $24,000 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. $10,000 of Vacation pays for the year had been earned by 20 employees but not paid to them or recorded. The company records vacation pays as salaries expense. 5. Albilal org, began the year with $5,500 in its asset account, supplies. During the year, $2,400 of supplies were purchased. At year-end, supplies costing $1,900 remain on hand. - Required: Prepare the necessary adjusting entries on December 31,2024, for each of the above situations. (Please show your calculations)