Mountaineer Excavation operates in a lowlying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1. paying $ 28,800 ($2.400/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Prepald Insurance and Insurance Expense (assuming the balance of Prepald Insurance at the beginning of the year is 50). Complete this question by entering your answers in the tabs below. Required: Required 3 and 2 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event select "No Joumal Entry Required in the first account field.) View transaction let Journal entry worksheet Record the purchase of insurance on March 1. Enter Gets betere credits General Journal Debit Credit Date March 01 Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding Because of this, Mountaineer purchases one year of food insurance in advance on March 1, paying $28.800 ($2,400 month) Required: 182. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Prepalo Insurance and Insurance Expense assuming the balance of Prepaid Insurance at the beginning of the year is $0). Complete this question by entering your answers in the tabs below. Required: and 2 Required 3 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Joumal Entry Required in the first account field.) ence: View transaction Bot Journal entry worksheet Record adjusting entry on December 31. N Enter den bere credits Date General Journal Debit Credit December 31 Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding Because of this, Mountaineer purchases one year of food insurance in advance on March 1, paying $28.800 ($2.400/month. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the yearend adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is 50). Complete this question by entering your answers in the tabs below. Required: Required 3 and 2 Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is 50). erences Ending Balance - Prepaid insurance Insurance expense