1. Performed $22,700 of services on account.
2. Collected $16,500 cash on accounts receivable.
3. Paid $4,300 cash in advance for an insurance policy.
4. Paid $1,240 on accounts payable.
5. Recorded the adjusting entry to recognize $3,300 of insurance expense.
6. Received $10,000 cash for services to be performed at a later date.
7. Purchased land for $1,670 cash.
8. Purchased supplies for $800 cash.

Required Record each of the preceding transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example.