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1. Ace Detective Agency purchased a two year insurance policy on May 1, 2017, paying $9000. Its year-end is December 31, and records adjustments only

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1. Ace Detective Agency purchased a two year insurance policy on May 1, 2017, paying $9000. Its year-end is December 31", and records adjustments only at year-end. Record the following: (8 marks) a. The purchase of the policy on May 1, 2017 b. The adjusting entry on December 31, 2017 c. The adjusting entry on December 31, 2018 d. How much value was left on the policy after the December 31, 2018 adjustment? General Journal Page 2 Date Particulars P.R. Debit Credit

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