At December 31, the unadjusted trial balance of H\&R Tacks reports Prepaid Insurance of $8,160 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. Complete this question by entering your answers In the tabs below. Journal entry worksheet Record the adjusting entry on December 31 . Note: Enter debits before credits. Complete this question by entering your answers In the tabs below. Post the beginning balances and adjusting entries to the following T-accounts