Macquarie Finance pays for a 1-year insurance policy commencing on 1 January in cash. The policy costs $24000. The entity's monthly reporting date is 31 January. Required: 1) Prepare the general journal entry to record the insurance payment on 1 January. (2 marks) 2) Prepare the adjusting journal entry on 31 January. (2 marks) 3) Post the above two journals to the Prepaid Insurance ledger account (the T-account is provided in the response template section) and calculate the closing balance as at 31 Janua (Hint: do not provide both c/d and b/d balances. Just indicate the closing balance at the normal balance side.) (6 marks)