1. An insurance policy, good for one year, was purchased on December 1, 2020 and has a value of $6,500. a) Write the journal entry to record the original purchase of the insurance policy on December 1. b) Write the adjusting journal entry required on December 31, 2020 to reflect the use of one month of the insurance service. What, concerning Insurance, would appear on the Balance Sheet? What would appear on the Income Statement? c) Write the adjusting journal entry required on January 31, 2021 to reflect the use of one more month of the insurance service. What, concerning Insurance, would appear on the Balance Sheet? What would appear on the Income Statement