Garcia Company had the following selected transactions during the year.

January $1$ The company paid $$9,800$ cash for $12$ months of insurance coverage beginning immediately.

August $1$ The company received $$8,100$ cash in advance for $6$ months of contracted services beginning on August $1$ and ending on January $31.$

December $31$ The company prepared any necessary year$-$end adjusting entries related to insurance coverage and services performed.

Record journal entries for these transactions assuming Garcia follows the usual practice of recording a prepayment of an expense in an asset account and recording a prepayment of revenue received in a liability account.

Record journal entries for these transactions assuming Garcia follows the alternative practice of recording a prepayment of an expense in an expense account and recording a prepayment of revenue received in a revenue account.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.