E9.4 Adjusting Entry Prepaid Insurance Using the QBO Sample Company, Craig's Design and Landscaping Services, complete the following. In December, Craig paid $482.46 for insurance to cover a 3-month period. So at the end of the accounting period on December 31. 1 month of insurance had expired @ $160.82 ($482.46/3 months - $160.82 per month). The unexpired portion of the insurance is prepaid Insurance, an asset account with future benefit. Since Craig recorded the entire $482.46 as Insurance Expense, an adjusting entry is needed to bring accounts up to date at December 31, 1. Complete the following table. Increase or Decrease? Debitor Credit? Amount Account Insurance Expense Prepaid Insurance Account Type Expense Asset $ $ 2. Plan Adjusting Journal Entry a. Complete the following to plan the adjusting journal entry to enter in QBO 9 Journal Entry #1 0 x Page 500