THE ACCOUNTING CYCLE The general ledger of Ship Enterprises, Inc. on January 1, 2021, includes the following account balances: Accounts Debits Credits Cash S 24,600 Accounts Receivable 15,400 Prepaid Insurance 12,000 Land 148,000 Accounts Payable $ 6,700 Deferred Revenue 5,800 Common Stock 143,000 Retained Eamings 44,500 Totals $200,000 $200,000 The following is a summary of the transactions for the year 1. January 9 Provide storage services for cash, S134, 100, and on account, $62,200. 2. February 12 Collect on accounts receivable, $61,500, 3. April 25 Receive cash in advance from customers. $12,900. 4. May 6 Purchase supplies on account, S9 200 5. July 15 Pay property taxes, $8,500 6. September 10 Pay on accounts payable, $11.400 7. October 31 Pay salaries, $123,600. 8. November 20 Issue shares of common stock in exchange for $27.000 cash. 9. December 30 Pay $2,800 cash dividends to stockholders, 2. Record each of the summary transactions listed above b. Prepare and unadjusted trial balance. C. Record adjusting entries. Insurance expired during the year is $7,000, supplles remaining on hand at the end of the year equal $2,900 Provide services of $11,800 related to cash paid in advance by customers d. Prepare an adjusted trial balance. e. Prepare an Income statement, statement of stockholder's equity, and a balance sheet (USE GOOD FORM). 1. Record closing entries. g. Post the transactions, adjusting entries, and closing entries to the T-accounts (remember to include beginning balances) h. Prepare a post-closing trial balance