Question 2 (10 marks) Jane's Technically Correct, a proprietorship, had a December 31 year end. Required: Record the initial and subsequent transaction for each of the following independent situations using the numerals to group the transaction: 1. June 01: Jane's Technically Correct received $ 24,000 for a 12-month service contract. December 31: A year-end adjusting journal entry is required to update the balance. 2. January 13: Jane's Technically Correct did $ 10,000 software updates for a client. Payment will be received at the end of February. February 28: A journal entry is required to record receipt of payment. 3. November 01: Jane's Technically Correct purchased $ 7,000 office supplies on account. December 31: Jane counted the office supplies and noted that there was $6,000 supplies on hand. Thus, the balance needs to be updated. 4. May 01: Because of additional job contracts, Jane's Technically Correct leased a computer for $900, which represented a 5-month rental contract. October 01: Jane's Technically Correct needs to adjust the prepaid account