Prepare journal entries for Iron City's general fund for the following, Including any adjusting and closing entries on December 31, 20X1 (the end of the fiscal year): Required: a. Acquired a three-year fire insurance policy for $5,300 on September 1, 20X1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the acquisition of the three-year insurance policy in 20x1. hot Enter debits before credits Date September 01 General Journal Debit Credit P b. Ordered new furniture for the city council meeting room on September 17, 20X1, at an estimated cost of $15,600. The furniture was delivered on October t, its actual cost was $15,200, its estimated life is 10 years, and it has no residual value. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the encumbrances for the purchase orders of the new furniture in 20X1. Note: Enter debits before credits Date September 17 General Journal Debit Credit View transaction list Journal entry worksheet < 1 2 3 Record the reverse reserve for the furniture received in 20X1. Note: Enter debits before credits. Date October 01 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 Record the receipt of the furniture at the actual cost in 20X1. Note: Enter debits before credits. Date October 01 General Journal Debit Credit View general journal Record entry Clear entry c. Acquired supplies on November 4, 20X1, for $2,300. Iron City uses the consumption method of accounting. Supplies on hand on December 31, 20X1, were $1,180. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the acquisition of supplies in 20X1. Note: Enter debits before credits Date November 04 General Journali Debit Credit Journal entry worksheet < 1 2 3 4 Record the entry to recognize the ending inventory of supplies in 20X1. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 Record the entry to establish the fund reserve for the ending inventory in 20X1, Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 2 3 4 Record the entry to close the expenditures account in 20X1. Hint make. certain to consider all the transactions of Iron City for the year. Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry