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 $5,500 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. General Journal Debit Credit Date 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 $15,800 delivered on October 1; Its actual cost was $15,300, its estimated life is 10 years, and it has no residual value. (If no for a transaction/event, select "No Journal entry required" In the first account field.) View transaction list X 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. it Credit c. Acquired supplies on November 4, 20x1, for $1,600. Iron City uses the consumption method of accounting. Supplies on hand on December 31, 20X1, were $1,130. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) 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. Note. journal entor has been entered