Accounting Homework - Chapter 3 BE3 - 4 - On March 1, 2014, Erie Co. paid $4, 800 to Big North Insurance for a one-year insurance policy. Eire Co. has a December 31 fiscal year end and adjusts accounts annually. Eire treats insurance as an asset at the time of purchase. Complete the following for Eire Co. a) Prepare the March 1, 2014, journal entry. b) Calculate the amount of insurance that expired during 2014 and the unexpired cost on December 31, 2014. c) Prepare the adjusting entry required on December 31, 2014. d) Using T-accounts, post the journal entries in parts (a) and @ above, and indicated the adjusted balance in each account