Garcia Company had the following selected transactions during the year. January 1 The company paid $7,600 cash for 12 months of insurance coverage beginning immediately. August 1 The company received $4,800 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. a. 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. View transaction list Journal entry worksheet 1 2 3 4 Record the advance cash payment of insurance. Note: Enter debits before credits. Date Jan 01 Prepaid insurance Cash General Journal Debit Credit 7,600 7,600 Record entry Clear entry View general journal >