At December 31, the unadjusted trial balance of H\&R Tacks reports Prepaid Insurance of $5,520 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. Prepare the adjusting journal entry on December 31 . (If no entry is required for a transact in the first account field.) Journal entry worksheet Record the adjusting entry on December 31. Note: Enter debits before credits