Immediately before the end of Year 1, XYZ Company had a debit balance of $2,000 in the Insurance Expense account. XYZ Company had the following adjusting entry at the end of Year 1: a. Open t-accounts for Prepaid Insurance and Insurance Expense. Enter the $2,000 balance in the Insurance Expense account. Post the above adjusting journal entry to the t-accounts. b. Prepare the journal entry to close the insurance expense account. (Assume that insurance expense is the only expense account.) Post the entry to the insurance expense t-account