Enter the transactions into the T-accounts and then into the four-column ledgers. Be sure to calculate the balance after each entry in the four-column ledgers. On Dec. 1, paid $6,000 for a one year insurance policy. Prepaid insurance Prepaid Insurance Date Explanation Ref Debit Credit Balance Cash Cash Date Explanation Ref Debit Credit Balance On Dec. 5, paid $5,000 cash for land. Land Land Date Explanation Ref Debit Credit Balance Cash Cash Date Explanation Ref Debit Credit Balance Post the transaction to the four-column ledger account and cross-reference the posting back to the journal entry. Journal Page 1 Date Accounts and Explanation. Post. Ref. Debit Credit 2016 Nov. 1 Accounts Payable 30,000 Cash 30,000 Paid an account Accounts Payable Account No. 201 Balance Credit Date Item Post. Ref. Debit Credit Debit 2016 Cash Account No. 101 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 After journalizing entries, information can be entered into T-Accounts and/or the four-column ledger. Enter the information from the T-Account and calculate the running balance in the appropriate place in the four-column ledger to review the similarities between the two formats. Be sure to enter the transactions in chronological order. Cash Account No. 101 Cash Nov. 1 39,600 7,200 Nov. 2 Balance Debit Credit Date Item Post. Ref. Debit Credit Nov. 8 16.800 4.300 Nov. 15 2016 Nov. 22 28,100 4,600 Nov. 21 1 Dec, 21 14.600 9,300 Nov. 25 J1 Dec. 28 13,500 3.900 Der 11 1,800 Dec. J1 5,000 Dec. 15 11 Bal. 76,500 J1 JI J1 J1 J1 J1 1