Adjustment for Insurance On December 1, a six-month liability insurance policy was purchased for $1,044 Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet) Prepaid Insurance Bal. (Income Statement) Insurance Expense Adj If an amount box does not require an entry, leave it blank. Page: DOC. POST NO. REF CREDIT DEBIT ACCOUNT TITLE DATE 1 1 20- Dec. 31 2