Task 2. Recording transactions and adjusting entries (50 marks) Woosong software Inc. is a small IT firm, and it has a fiscal year-end of April 30, 2021. The following transactions occurred during the fiscal year: a) May 30, 2020: Purchased insurance for the year: $6,000. b) June 1, 2020: Purchased equipment on account: $4,000. The equipment had an expected useful life of 8 years and no expected residual value. c) July 21, 2020: Purchased supplies for cash: $2,000. A count at year-end revealed the company still had $1,700 of supplies remaining. d) August 31, 2020: Borrowed $8,000 cash in the form of a note payable. The note has annual interest at a rate of 11%. The company expects to repay the note on August 1, 2021. e) December 1, 2020: Loaned $3,000 cash signing a note receivable. The note has an annual interest rate of 6%. The company expects to be repaid on June 30, 2021. f) February 1, 2021: The company received a $12,000 prepayment for software development services it would be delivering over the next six months. As of fiscal year-end, the first three months of the service had been delivered on time and on schedule, with three more months remaining. g) April 1, 2021: Hired two new employees who will start in June and July. Both will receive monthly salaries of $4,000 (each). Required: Required: a) For the transactions (a) to (g) above, record a journal entry for the original transaction (If no journal entry is required, write no entry and explain why.) b) Record the required year-end adjustment (If no journal entry is required, write no entry and explain why).