On January 1, you paid $600 for insurance coverage for your company for the period 1/1 to 6/30.\ \ Prepare the entry to record the payment on January 1 and any adjustment entry needed on January 31. If no entry is required, select No Debit or No Credit in the account fields.\ \ Account Debit Credit\ \ Answer\ \ Answer\ To record premium payment on January 1. \ \ Answer\ \ Answer\ To record adjustment at January 31.\