Graded Exercise #4 Comprehensive concepts to date Most of the following events have been recorded in the General Journal and posted to Ledger Accounts. Complete instructions 1-5 below. (remember all Debits = Credits, always) > Started Business, Jan 1, with 20,000 CASH > Jan. 1, Paid $8,000 cash for prepaid insurance for next two months > Jan. 5, Paid $7,000 cash for merchandise inventory to be sold. > On Jan 15, received $15K cash, FOR WORK TO BE DONE IN MARCH > On FEB. 20, customer pays $4k for services completed that day > On FEB. 25, all merchandise inventory is sold for $12k. Customer pays cash. > On March 15, completed pre-paid work from January 15th above. > On March 20, the owner made a $8,000 draw. (draws/dividends/distributions) > On March 30, Performed Service work, billed customer $5k, not yet paid > On March 30, received and paid $2000 wages expense.