a. Performed $27,900 of services on account. b. Collected $22,400 cash on accounts receivable. c. Paid $5,500 cash in advance for an insurance policy. d. Paid $1,120 on accounts payable. e. Recorded the adjusting entry to recognize $3,500 of insurance expense. f. Received $8,500 cash for services to be performed at a later date. g. Purchased land for $1,220 cash. h. Purchased supplies for $500 cash. Required Record each of the above transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. Transaction Account Titles a Accounts receivable Service revenue Debit Credit 27,900 27,900 Complete this question by entering your answers in the tabs below. General Journal Horizontal Statements Model Show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. (In the Statement of Cash Flows column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances with a minus sign.) Transaction Assets Liabilities a. 27,900 = + b. = + Total = + C. = = d. = e. = f. = g. = = h. = + Equity 27,900 Revenue Expenses Net Income Statement of Cash Flow 27,900 27,900 27,900 = 0+ 27,900 27,900 27,900 0 < General Journal Horizontal Statements Model