Prepare journal entries for Iron Citys 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 $5,800 on September 1, 20X1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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 1; its actual cost was $15,400, 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.)

c. Acquired supplies on November 4, 20X1, for $2,000. Iron City uses the consumption method of accounting. Supplies on hand on December 31, 20X1, were $1,100. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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 $5,800 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 Record the acquisition of the three-year insurance policy in 20X1. Note: Enter debits before credits. Date General Journal Debit Credit September 01 Record entry Clear entry View general journal 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 1; its actual cost was $15,400, 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.) 1 Record the encumbrances for the purchase orders of the new furniture in 20X1. e in 2 Record the reverse reserve for the furniture received in 20X1. 3 Record the receipt of the furniture at the actual cost in 20x1. Credit Note : = journal entry has been entered Record entry Clear entry View general journal c. Acquired supplies on November 4, 20X1, for $2,000. Iron City uses the consumption method of accounting. Supplies o December 31, 20X1, were $1,100. (If no entry is required for a transaction/event, select "No journal entry required" in th account field.) View transaction list 1 Record the acquisition of supplies in 20X1. 2 Record the entry to recognize the ending inventory of supplies in 20x1. 3 Record the entry to establish the fund reserve for the ending inventory in 20X1. Credit 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