M4-20 (Algo) Preparing and Posting Adjusting Journal Entries [LO 4-2) At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $6.480 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months Required: 1. Prepare the adjusting journal entry on December 31 2. Post the beginning balances and adjusting entries to the following T-accounts. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 General Journal Prepare the adjusting journal entry on December 31. (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Date Debit Credit December 31 Insurance Expense Prepaid Insurance Rome Required 2 > M4-20 (Algo) Preparing and Posting Adjusting Journal Entries [LO 4-2] At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $6,480 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months Required: 1. Prepare the adjusting journal entry on December 31 2. Post the beginning balances and adjusting entries to the following T-accounts. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the beginning balances and adjusting entries to the following T-accounts. Prepaid Insurance Debit Debit Credit Beginning Beginning Balance Insurance Exponse Credit Balance Ending Balance Ending Balance