Joe's Inc. started their business: 1st Jan 2020. These are the events in its first year of operations: Transactions 1.An insurance policy was purchased on February 28 for $1,800. The insurance policy was for one year of coverage that began on March 1, 2020. 2.In 2020, inventory costing $140,000 was bought, all on account. 3.Sales to customers totalled $200,000. Of these, $40,000 were cash sales. Cost of goods sold totalled $100,000 4.Payments to suppliers for inventory that were bought earlier totalled $110,000. 5.Collections from customers on account during the year totalled $140,000. 6.Customers paid $25,000 in advance payments for goods that will be delivered later. Adjusting items 7. Recorded the insurance expense for the year 8.It was determined that 80% of the goods that were paid for in advance had been delivered to the customers by the end of the year. 9.In addition to the wages that were paid during the year, wages of $4,000 remained unpaid at the end of the year. Please make clear organized journal entries mentioning (including: transaction ID, credit, debit, etc)