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: Deferrals/Prepaids Insurance Expense Prepaid Insurance Dec. 31 Nov. 1 2640 Dec. 31 Bal. Bal