1957 IV. Prepare entries for the following transactions of XYZ Advertising Service Co.(40 points, 2 point each) 1 Jan. 1 The business was started when the owner contributed $120,000 in cash Dr. Cr. 2 Jon 31 Paid $2,400 cash for an insurance policy, the policy contract had 2-year term Dr. Cr. Feb 28 Received $3,600 cash in advance for services to be performed within a year Dr Cr. Mar. 18 4 Purchased supplies of $4,000 on account Dr. Cr. 5 Received $5,000 cash for services provided Apr.1 Dr. Cr. 6 May. 10 Billed clients $6,000 for services performed Dr. Cr. 7 Oct. 10 Collected $6,000 cash from customers against accounts receivable Dr. Cr. 8 Nov. 11 Distributed $1,100 dividends to the owner Dr. Cr 9 Dec 31 Recorded the insurance expenses $1,100 for the accounting period Dr. Cr 10 Dec 31 Accrued $1.800 of salaries payable Dr Cr