4. Adjusting journal entries: Prepaid insurance Aa Aa On April 1, Drew Enterprises purchased a one-year insurance policy for its fleet of trucks for $18,840, paying the full amount at that time. Drew records all adjusting journal entries at the end of the fiscal year on December 31 Prepare the journal entry Drew would have made on April 1 to record the purchase of the insurance policy and the adjusting journal entry it needs to record on December 31 JOURNAL Post. Date Description Ref. Debit Credit Apr1 Dec 31 Not sure about the account title? Click here to view the chart of accounts