Mountaineer Excavation operates in a low-lying 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 $25,800 ($2,150/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. 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 $0). Complete this question by entering your answers in the tabs below. Required 1 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 Journal Entry Required" in the first account field.). View transaction list Journal entry worksheet 1 2 Record the purchase of insurance on March 1. Note: Enter debits before credits omework Problems Help Required 1 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 Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the purchase of insurance on March 1 Note Enter debits before credits Date General Journal Debit Credit March 01 Record entry Clear entry View general Journal MacBook Air om sto :8 35 F 1 A $ 23 3 % 5 C 9 7 6 8 2 4 Y U 0 T " W E 20 H F J L G S D Mountaineer Excavation operates in a low-lying 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 $25,800 ($2,150/month). Required: 1.82. Record the necessary entries in the Journal Entry Worksheet below. 3. 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 $0). Complete this question by entering your answers in the tabs below. Required 1 and 2 Required 3 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 $0). Ending Balance Prepaid insurance Insurance expense