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 55.280 was purchased on November of the current year. Record the transaction for the year ended December 31 Date Accounts and Explanation Debit Credit Depreciation for the current year includes Equipment, 52100 Date Accounts and Explanation Debit Credit Customers were billed for $2.800 for work completed Date Accounts and Explanation Debit Credit