Ex Qu. 3-228 A company purchases one year... ompany purchases one year of flood Insurance in advance on May 1, paying $36.000 (53.000month ecord the adjusting entry on December 31 (# no entry is required for a transaction/event, select "No journal entry required in the rst account field.) View bansaction list Journal entry worksheet 1 Record the adjusting entry on December 31. Deda General Kural Note Entor debts before redes Date December 31 ] 3 12 d 50 Niet >