Performed $20,700 of services on account. Collected $23,400 cash on accounts receivable. Paid $4,400 cash in advance for an insurance policy. Paid $1,400 on accounts payable. Recorded the adjusting entry to recognize $3,500 of insurance expense. Received $6,800 cash for services to be performed at a later date. Purchased land for $840 cash. Purchased supplies for $1,300 cash