At December 31, the unadjusted trial balance of H\&R Tacks reports Prepaid Insurance of $7,200 and Insurance Expense of $0. The nsurance 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. Post the beginning balances and adjusting entries to the following T-accounts