please explain this and correct this

On December 31, 2019, Clean and White Linen Supplies Ltd. had the following account balances: $90,000 $90,000 96,000 60.000 60,000 8,000 Cash Accounts Receivable Inventory Supplies Long-Term Investment Equipment Accumulated Depreciation Equipment Accounts Payable Wages Payable Bank Loan Payable Common Shares Retained Earnings 2.000 150,000 80,000 250,000 100,000 330,000 in 2020, the following transactions occurred: 1 2 3. On January 1, paid 5 5.100 for a three-year fire insurance policy Purchased additional uniform inventory on credit for $ 128,200 Sold uniforms for $ 189,100 on account. The inventory that was sold had been purchased for $100.000, Performed cleaning services for customers for $ 528.000 One-quarter of this amount was paid in cash and the remainder was on account Paid $ 143,900 to suppliers to settle some of the accounts payable. 5 Received $246,000 from customers to settle amounts owed to the company 7. 8. 9. 10. 11. Paid $ 15,000 for advertising At the end of 2020, paid the interest on the bank loan for the year at the rate of 7%, as well as $ 34,200 on the principal. The remaining principal balance is due in three years. Received a $3,000 dividend from the long-term investment. Paid $ 17,300 for utilities for the year. Declared and paid dividends of $ 13,100 at the end of the year. Paid $ 102,000 for wages during the year. At year end the company owed another $2,000 to the employees for the last week of work in December Depreciated the equipment for the year. The company had bought its equipment at the beginning of 2017, and it was expected to last 10 years and have a residual value of $30,000. The company depreciates its equipment using the straight- line method Made an adjustment for the cost of the insurance that expired in 2020. 12. 13. 14. Retained Earnings Bal. 100,000 Bal 100.000 Dividends Declared Bal. 0 11 13,100 Bal 13.100 Service Revenue Bal 0 4 528.000 Ball 528.000 Sales Revenue Bal. 0 3. 189,100 Bal 189.100 Dividend Revenue Bal 9. 3.000 Bal 3.000 Cost of Goods Sold 0 Bal 3 100.000 Ba 100,000 Advertising Expense Bal. 0 7 15,000 Bal 15,000 Utilities Expense Bal. 0 10. 17.300 Balv 17.300 Wages Expense Bal 0 12a. 94,000 12b. 2,000 96,000 Insurance Expense Bal 0 14. 1.700 Bal. 1,700 Interest Expense Bal. 0 8. 10,500 Bal 10,500 Depreciation Expense Bal. 0 = 13. 30.000 Bal 30,000 Income Summary Bal. 720,100 Bal. 270,500 449,600 Bal. 13,100 thont and Mortis Assist