Account for insurance expense. (LO 1,3)

More \& Blue Painting Professionals Inc. paid \(\$ 6,300\) on February 1, 2008, for a 3-year insurance policy. In the More \& Blue information system, this was recorded as prepaid insurance. Use the accounting equation to show the adjustment More \& Blue will need to make to properly report expenses when preparing the June 30,2008 , financial statements.