JUUU Cr. Cash 3000 2. On December 1, 2020 Drake Ltd. Received a deposit of $6,000 from Bieber Enterprises for engineering consulting services. On that date, Drake recorded the amount it received to Deferred Revenue. By December 31, 2020 Drake Ltd. had completed $1,800 of engineering services for Bieber Ltd. Date December 1 Account Name Accounts receivable Debit Credit Drake Ltd. provides engineering consulting services to various clients. The company's year-end is December 31 and adjusting entries are only prepared at year-end, on December 31. For each of the following situations, prepare the necessary adjusting entries on December 31, 2020. If no entry is required, clearly indicate by writing "No Entry". 1. On January 1, 2020, Drake Ltd had a balance in the Prepaid Insurance account in the amount of $3,600 representing 9 months insurance (up to September 30, 2020). On September 29, 2020 Drake purchased a 1 year insurance policy, beginning on October 1 for $3,000. Drake recorded the payment to Prepaid Insurance, Credit Date January 1 Debit 3600 Account Name Dr. Prepaid Insurance Cr. Cash Dr. Prepaid insurance Cr. Cash 3600 3000 September 29 3000