On April 30, a three-year insurance policy was purchased for $18,000 with coverage to begin immediately. The adjusting entry needed on December 31 is: What is the amount of prepaid insurance that would appear on the company's Balance Sheet on December 31? Date Description PR Debits Credits The Prepaid Rent account has a debit balance of $12,000 before adjustment, representing a prepayment for four months rent made on December 1 of the current year. Record the General Journal adjustment required on December 31 Date Description PR Debits Credits One-third of the work related to $18,000 of cash received in advance was performed during this period. Record the General Journal adjustment required on December 31. Date Description PR Debits Credits Unpaid accrued salaries at December 31 amounts to $15,000. Record the General Journal adjustment required on December 31. Date Description PR Debits Credits Work was completed for a client on December 31 in the amount of $21,000, but was not previously billed or recorded. Record the General Journal adjustment required on December 31 Date Description PR Debits Credits