At January $31,2024,$ Cy needs to update his accounts before preparing financial statements to

review Mookie The Beagle Concierge performance for its first month of operations. Cy has asked for

your assistance in preparing the adjusting entries. Mookie The Beagle Concierge will be using the

accrual basis of accounting.

In January, Mookie The Beagle Concierge purchased $$600$ of liability insurance to cover a three$-$

month period from Phoenix Insurance. So at the end of the accounting period on January $31,$ one

month of insurance has expired @ $$200($$$600/3$ months $=$ $$200$ per month$).$ The two months of

unexpired insurance is Prepaid Expenses: Insurance, an asset account with future benefit. Since

Mookie The Beagle Concierge recorded the entire $$600$ as Insurance Expense: Liability Insurance

Expense, an adjusting entry is needed to bring accounts up to date at January $31.$

$(1)$ Complete the following table.