On December 31, 2023, Sandhill Linen Supplies Ltd. had the following account balances: Cash $90,000 Accumulated Depreciation, Equipment $90,000 Accounts Receivable 96,000 Accounts Payable 60,000 Inventory 60,000 Wages Payable 8,000 Supplies 2,000 Bank Loan Payable 150,000 Long-Term Investment 80,000 Common Shares 250,000 Equipment 330,000 Retained Earnings 100,000 In 2024, the following transactions occurred: 1. On January 1, paid $4,200 for a three-year fire insurance policy. 2. Purchased additional uniform inventory on credit for $136,900. 3. Sold uniforms for $201,000 on account. The inventory that was sold had been purchased for $100,000. 4. Performed cleaning services for customers for $534,500. One-quarter of this amount was paid in cash and the remainder was on account. 5. Paid $139,300 to suppliers to settle some of the accounts payable. 6. Received $246,000 from customers to settle amounts owed to the company. 7. Paid $16,100 for advertising. 8. od on th At the end of 2024, paid the interest on the bank loan for the year at the rate of 7%, as well as $30,00 on the principal. The remaining principal balance is due in three years. 9. Received a $3,000 dividend from the long-term investment. 10. Paid $16,700 for utilities for the year. 22 12. 11. Declared and paid dividends of $14,200 at the end of the year. 13. Paid $102,000 for wages during the year. At year end, the company owed another $2,000 to the employees for the last week of work in December. Depreciated the equipment for the year. The company had bought its equipment at the beginning of 2021, and it was expected to last 10 years and have a residual value of $30,000. 14. Made an adjustment for the cost of the insurance that expired in 2024. (a) Prepare journal entries to record each of the above transactions and adjustments. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation 1. Debit Credit 2.