At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $7,200 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31. 2. Post the beginning balances and adjusting entries to the following T-accounts. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the beginning balances and adjusting entries to the following T-accounts. Prepaid Insurance Debit Beginning Balance Insurance Expense Credit Debit Credit 7,200 1,800 x Beginning Balance Adjusting 1,980 1,980 Ending Balance 5,400 Ending Balance 3,960 < Required 1 Required 2 >