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journal entry? question #1 Roberto's fine chair company paid $12,600 on December 1, 2020 for a 2 year insurance bill, with coverage starting on December

image text in transcribedjournal entry?
question #1 Roberto's fine chair company paid $12,600 on December 1, 2020 for a 2 year insurance bill, with coverage starting on December 1, 2020. The controller initially recorded the entire amount to prepaid insurance. Please provide the adjusting entry on Dec 31, 2020. If no adjusting entry is needed, simply write "No entry needed

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