Hi

) On May 1, a business purchased a 2-year insurance package in the amount of $5760. The accountant prepares financial statements every quarter (i.e. every 3 months). An adjusting entry was made for the 2nd quarter, but was missed in the third quarter. Now at the year end of December 31, the balance in the Prepaid Insurance account is $5280 and the balance in Insurance Expense is $480. Provide the adjusting entry required at December 31. Also, prepare the full T-accounts for the accounts affected with the beginning balances as the unadjusted balance at December 31 given above. (4 Marks)