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 $8,880 and Insurance Expense of $0.The nsurance 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. Complete this question by entering your answers in the tabs below. Prepare the adjusting journal entry on December 31. (II no entry is required for a transadion/event, sulect "No Journal Entry Reguired" in the first account field.) Journal entry worksheet Record the adjusting entry on December 31. Notet Enter debits before aedits. 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 $8,880 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. Complete this question by entering your answers in the tabs below. Post the beginning balances and adjusting entries to the following T-accounts