An expert just answered this question, however, I got some wrong. For the (numbers at the side) the options given are #1-9 and then Adjusting Entry and Closing Entry. An expert told me that adjustment entries are required but I do not know what that means! Please help

Transcribed image text: Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $149,100, and on account, $59,700. 2. February 12 Collect on accounts receivable, $53,000. 3. April 25 Receive cash in advance from customers, $14,400. 4. May 6 Purchase supplies on account, $12,200. 5. July 15 Pay property taxes, $10,000. 6. September 10 Pay on accounts payable, $12,900. 7. October 31 Pay salaries, $138,600. 8. November 20 Issue shares of common stock in exchange for $42,000 cash. 9. December 30 Pay $4,300 cash dividends to stockholders. 3. 6. \& 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Supplies Expense \begin{tabular}{|l|r|r|lr|} \hline \multicolumn{2}{|c|}{ Debit } & \multicolumn{2}{c|}{ Credit } \\ \hline Beginning Balance & & & \\ \hline 1. & x & 12,200 & 12,200 & 2. \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \end{tabular}