A company makes the payment of a one-year insurance premium of $3,072 on April 1, 2022. Prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium "used" that month.

Required information Exercise 5-21 (Algo) Prepaid expenses-insurance LO 5-10 [ The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $3,072 on April 1, 2022. Exercise 5-21 (Algo) Part b (2) b-2. Prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium "used" that month. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet A Record the expiration of prepaid insurance each month. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal