Given below is the end of year financial information of a company. Ignore GST

On 1 October 2018, Dolphin Swimmers Pool paid $2,400 for a 12-month insurance premium. The $2,400 was initially recorded in the prepaid insurance account. No adjusting entry has been made in relation to the expired insurance for the year ended 30 June 2019.

REQUIRED:

Prepare the required end-of-period adjustment entry (Narrations not required).