Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $6,000 cash for 12 months of insurance coverage beginning immediately. Aug 1 The company received $2,400 cash in advance for 6 months of contracted services beginning on August 1 and ending on January 31. Dec. 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 View Journal entry worksheet No Date General Journal Credit Debit 6,000 1 Jan 01 Prepaid Insurance Cash 6.000 Prev 6 of 25 Next > Check my work b. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 2 3 4 Record the advance cash payment of insurance. Note: Enter debits before credits. General Journal Debit Date Jan 01 Credit Accounts receivable Unearned revenue 2,400 2,400 Record entry Clear entry View general Journal