1. HardLife Corporation paid cash of $4,800 on May 1, 2017 for four years insurance policy in advance. Provide the transaction the company would record on May 1, 2017 and the adjusting entry at its fiscal year end on December 31, 2017.

Please use the below template and add the appropriate account names in the first row and the amounts in the second row.

Account names:
On May 1 , 2017

Account names:
On December 31 , 2017