ad Scenario #6: Insurance Expense (12 points) In its unadjusted trial balance at December 31, 2020, Ninatori Fashion Supply Corp. reported Prepaid Insurance with a balance of $113,150. An analysis of the account revealed: SUPPORT General Liability Policy: Coverage from 1/1/2020 through 11/30/2020 Coverage from 12/1/2020 through 11/30/2021 Paid Nov. 2019 Paid Nov. 2020 $45,650 42,000 Casualty Policy: Coverage from 1/1/2020 through 3/31/2020 Coverage from 4/1/2020 through 3/31/2021 Paid Apr. 2019 Paid Apr. 2020 4,500 21.000 Ninatori Fashion Supply Corp. received the coverage from its insurance company throughout 2020 as provided by the policies. - The Al The hookkeen Problem Set 1: Course Outline #2 and #4 Page 13 of 19 Prepare the necessary adjustment for insurance at December 31, 2020 in general journal form. Post the adjusting entry to the T-accounts provided below and compute their resulting balances at December 31, 2020 after adjustment. (6 points entry + 2 points for posting/balance) DATE ACCOUNT NAMES DEBIT CREDIT RET SUPPORTING CALCULATION REQUIRED: Prepaid Insurance Insurance Expense 12/31 2020 113,150 1/1 2020 -0- At December 31, 2019, Piccin Watch cost of advertising spots to appear in Accountant magazine. Co. roug Problem Set 1: Course Outline 2 and 34 sens. Page 14 of 19 b Indicate the items and their amounts that Ninatori Fashion Supply Corp. should have y ad reported relative to the insurance in its 2020 GAAP financial statements. (Ignore cash.) (4 points) record the March for post ustin igba nis Income Statement for the year ended December 31, 2020: Amount UNT Balance Sheet at December 31, 2020: Amount IRE hoi ved aid aid d