Statement of Income General Trial Balance Statement Ledger Retained Balance She Earnings General Requirementournal Prepare all January journal entries and adjusting entries for items 1-19. Review the 'General Led Balance Tabs to see the effect of the transactions on the account balances. If no entry is requi transaction/event, select "No journal entry required" in the first account field. View transaction list Included in OTP's January 1 Accounts Receivable balance is a $1,500 balance due from Jeff Letrotski. Jeff is having cash flow problems and cannot pay the $1,500 balance at this time. On 01/01, OTP arranges with Jeff to convert the $1,500 balance to a 6-month note, at 12% annual interest. Jeff signs the promissory note, which indicates the principal and all interest will be due and payable to OTP on July 1 of this year. Record the transaction. t ,! 24 1 balance pay the ert the the 2 OTP paid a $500 insurance premium on 01/02, coveringCredit the month of January: the payment is recorded directly as an expense. Record the transaction. 3 OTP purchased an additional 150 units of inventory from a supplier on account on 01/05 at a total cost of $9,000, with terms 2/15, n/30. Record the transaction. Note:journal entry has been entered Record entry