explain the year end adjustment rewuired on 30 june 2020 for the following situation. in your explanation, make sure you clearly articulate why the adjustments is needed and the anlunr for which the adjustment shiuld be made. ensure you identify the accounrs that should be credited and debited.

the insurance bill for $2,520 paid on 1 June 2020 relates to insurance for the 12 months ending 31 May 2021