$2,400 Insurance Policy Coverage for 12 Months Requirements 1 According to the screen on right please journalize the transaction of the Insurance Provider (not the Webb Co.) on January 1 and also on January 31, $200 Monthly Insurance Expense H|||||||||| Jan. 1 Dec. 31 On January 1, Webb Co. purchased a one- year insurance policy for $2,400. Requirements 2 According to the screen on right please journalize the transaction of the lessee (not the Webb Co.) on January 1 and also on January 31, $6,000 Rental Contract Coverage for 12 Months $500 Monthly Rental Revenue HHHHHHHH Jan. 1 Dec. 31 On January 1, Webb Co. received $6,000 in advance for a one-year rental contract