There was a balance of $2000 in the insurance account before the payment of the annual insurance bill of $3600 on 28 February 2022, for the period March 2022 to February 2023. The accounting year ended on 30 June 2022.

You are required to prepare the journals for:

• adjustment at 30 June 2022

• closing the account at 30 June 2022, and

• reversal on 1 July 2022.

Also prepare:

• general ledger accounts for insurance and expense prepaid that show the data given and the posting of the journals on the required dates.