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.) 8 00:25:42 View transaction list Journal entry worksheet Record the adjusting entry on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31