Directions: 1) Prepare journal entries for the below transactions 2) Post the journal entries to ledger accounts 3) Calculate the ending ledger balance Problem #10 Jan 20, Red Company's checking account includes $300,000 cash. The company used $125,000 cash to purchase a one year insurance policy. Date Accounts Debit Credit Cash 300,000 Prepaid Insurance Problem #11 Mar 1, Shaw Company's checking account includes $780,000 cash. The company used $225,000 cash to purchase a one year insurance policy. Date Accounts Debit Credit