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 $1,320 was purchased on November 1 of the current year. Record the transaction for the year ended December 31. Date Accounts and Explanation Debit Credit Customers were billed for $1,900 for work completed. Date Accounts and Explanation Debit Credit Depreciation for the current year includes Equipment, $1,800. Date Accounts and Explanation Debit Credit Credit