In its balance sheet at December 31, 2017, DeBrusk Industries reported $17,500 of prepaid insurance that related to coverage from January 1 through July 31, 2018. On July 31, 2018, DeBrusk Industries. purchased a new, one-year insurance policy for coverage from August 1, 2018 through July 31, 2019 and paid $33,600 cash for the cost of the premiums for the policy. Prepare the necessary adjustment for insurance at December 31, 2018 in general journal form.