A company purchases one year of flood insurance in advance on May 1, paying $48,000 ($4.000/month). Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required first account field.) View transaction list Journal entry worksheet Record the adjusting entry on December 31. Note: Enter debits before credits General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal