A firm starts its fiscal year on January 1 . The following three explicit transactions all take place on January 1 . For each one populate the financial statements effect template on 1/1 and also make the necessary adjusting entries in the template at the close of the quarter on March 31 (assume they did NOT make any adjustments at the end of the first and second month). On January 1 the firm collected $600 from a customer for offering insurance for 12 months. Show the journal entry on 1/1 and 3/31 On January 1 the firm bought a truck in cash for $16,000. They estimate that the truck will be useful to them for 5 years and at that point will be sold for $2,000. On January 1 the firm paid $100 for advertising on a billboard which will be displayed for five months