Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! A two year insurance policy for $5,280 was purchased on November 1 of the current year. Record the transaction for the year ended December 31. Date Accounts and Explanation Debit Credit Dec. 31 Customers were billed for $3,000 for work completed. Date Accounts and Explanation Debit Credit Dec. 31 Accounts Receivable 3000 Service Revenue 300 Used office supplies of $2,800 Date Accounts and Explanation Debit Credit