Do t-accounts to show parts a & b

c. Asset/liability adjustmi.... d. Liability/expense adjustments 1. A one-year insurance policy was purchased on November 1 for $2,400, and the following entry was made at that time: A firm incurred 2,400 Exercise Prepare and post adjusting entry for insurance (LO.4) 2,400 Prepaid Insurance Cash Conve payda week mon What adjusting entry is necessary at December 31, the end of the accounting year? b. Show how the T-accounts for Prepaid Insurance and Insurance Expense would appear after the entries are posted. San and