A two-year insurance policy for $5,280 was purchased on November 1 of the current year. Record the transaction for the two months ended December 31. Adjustment Type: Insurance Expense Recieved a bill for utilities for $5,280 which will be paid next month. Adjustment Type: Utilities Expense Prepaid Insurance Utilities Payable Employees earned $740 in salaries that will be paid next month. The Salaries Expense unadjusted balance as of December 31 is $7,300. Adjustment Type: Salaries Expense Salaries Payable