Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. A two year insurance policy for $2,640 was purchased on November 1 of the current year. Record the transaction for the year ended December 31. Adjustment Type: Prepaids (Deferrals) Insurance Expense Prepaid Insurance Dec. 31 Nov. 2.640 + | Dec. 31 Bal 2.640 Customers were billed for $1,500 for work completed. The Service Revenue unadjusted balance as of December 31 is $6,800. Adjustment Type: Accounts Receivable Service Revenue Used prepaid insurance of $4,220. The Prepaid Insurance unadjusted balance as of December 31 is $9,500. Adjustment Type: Insurance Expense Prepaid Insurance