On January 1, 2020, Bottle Rockets Corp. purchased a general liability insurance policy for $9,000 to provide coverage for the calendar year. If the company recorded the policy as an asset when purchased, what is the monthly adjusting journal entry that should be recorded at January 31, 2020?

On January 1, 2020, Bottle Rockets Corp. purchased a general liability insurance policy for $9,000 to provide coverage for the calendar year. (a) If the company recorded the policy as an asset when purchased, what is the monthly adjusting journal entry that should be recorded at January 31, 2020? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit