A newly hired accounting clerk, John, is preparing the accrual journal entries for ABC Company's December 31, 2 year end. You may assume that all the transactions that occurred during the year have been correctly recorded no adjusting journal entries have been prepared until now. The company purchased office liability insurance for the year from May 1, 2021 to April 30, 2022 for $6,000. The company prepared the correct and necessary journal entry for the purchase at the time the annual insurance policy was acquired. On December 31, 2021 for the yearend adjustment, John debited Cash for $6,000 and cre Insurance Expense for $6,000. Required: 1. Show what the correctly prepared accrual or adjusting journal entry should have been in good form, had J not made a mistake. 2. Given John's erroneous entry, prepare the correcting entry to correct his mistake using only one single journ entry. No credit will be given if a student reverses the incorrect entry first then shows the correct entry. Credit is only on one single correcting journal entry. No part marks