4. The Essence Magazine Company at the end of 2018. The accounting period is the calendar year. 1. An insurance premium of $12,000 was paid on July 1, 2018, and was charged to Prepaid Insurance. The premium covers a 24-month period beginning July 1, 2018. 2. On June 1, 2018, cash of $60,000 was received from subscribers (customers) for a 48-month subscription period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Unearned Subscription Revenue. 3. The Supplies account showed a balance of $5,000 at the beginning of 2018. Supplies costing S16,000 were purchased during the year and debited to the asset account. Supplies of $3,000 were on hand at December 31, 2018. Instructions Using the information given above, prepare the necessary adjusting entries at December 31, 2018