Activity 4.a-Using T-accounts to Analyze Adjustments Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. A two year insurance policy for $10,560 was purchased on November 1 of the current year. Record the transaction for the year ended December 31. Adjustment Type: Deferrals/Prepaids Diec. 11 Insurance Expense Prepaid Insurance Nev 3 10560 Dec. 11