Performed $24,200 of services on account.

Collected $22,400 cash on accounts receivable.

Paid $4,200 cash in advance for an insurance policy.

Paid $1,390 on accounts payable.

Recorded the adjusting entry to recognize $3,100 of insurance expense.

Received $5,100 cash for services to be performed at a later date.

Purchased land for $1,230 cash.

Purchased supplies for $1,000 cash.

Required

Record each of the above 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.

Journal entry worksheet Collected $22,400 cash on accounts receivable. Note: Enter debits before credits. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Transaction } & \multicolumn{5}{|c|}{ Balance Sheet } & \multicolumn{5}{|c|}{ Income Statement } & \multirow{2}{*}{\multicolumn{2}{|c|}{ Statement of Cash Flows }} \\ \hline & Assets & = & Liabilities & + & \begin{tabular}{l} Stockholders' \\ Equity \end{tabular} & Revenue & - & Expenses & = & Net Income & & \\ \hline a. & 24,200= & = & & + & 24,200 & 24,200 & - & & = & 24,200 & & \\ \hline b1. & & = & & +7 & & & -1 & & =1 & & & \\ \hline b2. & & = & & + & & & - & & = & & & \\ \hline c1. & & = & & +7 & & & -7 & & =7 & & & \\ \hlinec2. & & = & & + & & & -7 & & = & & & \\ \hline d. & & = & & 1+ & & & -3 & & = & & 5 & \\ \hline c. & & = & & + & & & -7 & & =1 & & & \\ \hline 1. & & = & & + & & & -7 & & = & & & \\ \hline 91. & & = & & + & & & -1 & & = & & & \\ \hline 92. & & = & & + & & & -7 & & = & & & \\ \hline h1. & & = & & + & & & -7 & & =1 & & & \\ \hline h2. & & = & & + & & & -1 & & & & & \\ \hline Total. & 24,200 & = & 0 & + & 24.200 & 24,200 & - & & = & 24,200 & of & \\ \hline \end{tabular} General Journal Horizontai stataments Moder