Financial accounting chapter 3

You recelved partial credit in the previous attempt View previous Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $26,400 ($2,200Vmonth). 1&2. Record the necessary entries in the Journal Entry Worksheet below 3. Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepald Insurance at the beginning of the year is $O). Complete this question by entering your answers in the tabs below. Required 1 Required 3 and 2 Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepald Insurance at the beginning of the year is $o). Prepaid insurance Insurance expense K Prev 6 of 20 Next 8