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Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $6,800 cash for 12 months of insurance coverage beginning immediately for the May 1 The company received $2,400 cash in advance for 6 months of contracted services commencing on May Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage and a. Record journal entries for these transactions assuming Garcia follows the usual practice of recording a prepayment of an expense in calendar year. 1 and concluding on October 31. services rendered. an asset account and recording a prepayment of revenue received in a liability account View transaction list Journal entry worksheet Record the advance cash payment of insurance. Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balance General Ledger M. Muncel, Capital Acct. No. 301 Debit Credit Balance 40,000 Salaries Expense Acct. No. 622 Debit Credit Balance Date May 31 PR G2 Date May 31 G2 20,000 M. Muncel Withdrawals nsurance Acct. No. 302 PR Debit Credit Balance 22,000 Acct. No. 637 Expense Date May 31 DatePR May 31 G2 Debit Credit Balance G2 4,400 Services Revenue Acct. No. 401 Debit Credit Balance Rent Expense Acct. No. 648 PR Debit Credit Balance Date May 31 PR G2 Date May 31 76,000 G2 8,400 Depreciation Expense PR G2 Acct. No. 603 Debit Credit Balance 15,000 Income Summary Date May 31 Acct. No. 981 PR Debit Credit Balance Date 1. Prepare closing journal entries from the above ledger accounts 2. Post the entries from Requirement 1 to the General Ledger accounts below Use the transaction number from Requirement 1 as the date 1. Prepare closing journal entries from the above ledger accounts. the transaction number from Requirement 1 as the date. Complete this questions by entering your answers in the tabs below Required 1 Required 2 Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet Record the entry to close revenue accounts