On 31 march, Tran's clothing alternations paid RM 12000 for a fire insurance premium which the 1 year policy would start in April. at the end of the reporting period, 31 July, the accountant suggested the the owner make an adjusting entry to differ the expenses on 8 months until the next reporting period. the owner of the business was reluctant to do so, claiming that he had already paid the 1 year insurance premium in cash and could see no reason for the delay in recognizing the expenses. do you agree with the owner or the accountant? explain your reasons referring to the scenario given in this situation.