At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $8,160 and Insurance Expense of so The insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting journal entry on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry on December 31 Note: Enter debits before oredits. Date General Jourmal Debit Credit December 31