A one-year insurance policy was purchased on June 1 for $1,680. Journalize the adjusting entry required on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Accounts Payable Accounts Receivable Cash Insurance Expense Prepaid Insurance A one-year insurance policy was purchased on June 1 for $1,680. Journalize the adjusting entry required on December 31. If an amount box does not require an entry, leave it blank. Dec. 31