On December 1 a company paid its insurance premium of $3,000. The amount covers the six month period of December 1 through May 31. The bookkeeper debited Insurance Expense for the full amount. The company's accounting year ends on December 31. Q1. Before the December 31 financial statements are issued, the account ____________ ______________ needs to be debited. Q2. The account to be credited is __________ __________. Q3. The amount of the adjusting entry will be $_____________