b) Assuming Shania Twain Ltd uses the asset approach to record the payment, prepare general journal entries (narrations are NOT required) required at [3 marks]: (i) 1 September 2020 (ii) 31 December 2020 (adjusting entry only; i.e. closing entry not required)

Question 4 11 marks PART A [6 marks] Shania Twain Ltd pays its annual insurance premium in cash on 1 September each year. The latest payment of $9,000 was on 1 September 2020 which was $600 more than the previous year. All transactions are recorded in the general journal. Shania Twain Ltd has a December 31st year end