At December 31, the unadjusted trial balance of H\&R Tacks reports Prepaid Insurance of \$8,880 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 transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the adjusting entry on December 31 . Noter Enter debats belorz credits At December 31 , the unadjusted trial balance of H\&R Tacks reports Prepaid Insurance of $8,880 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 Traccounts. Complete this question by entering your answers in the tabs below. Post the beginning batances and adjusting entries to the following T-accounts