An accountant made the following adjustments at December 31, the end of the accounting period: (Click the icon to view the adjustments.) Read the requirements. HE Requirement 1. Journalize the adjusting entries. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Prepaid insurance, beginning, $500. Payments for insurance during the period, $2,000. Prepaid insurance, ending, $400. Journal Entry Accounts Debit Credit a. Journal Entry Accounts Debit Credit a. Accumulated Depreciation Depreciation Expense Income Tax Expense Income Tax Payable Insurance Expense Interest Receivable Interest Revenue Prepaid Insurance Salary Expense Salary Payable Help int Service Revenue Requirements 1. Journalize the adjusting entries. 2. Suppose the adjustments were not made. Calculate the overall overstatement or understatement of net income resulting from the omission of these adjustments