On July 1, 2017 JHJ Rental Car Company purchased a 12-month insurance policy for $1,800. Required: Record the entry to purchase the insurance policy on April1. Also, recorded the adjusting required at December 31, 2017. 10. On, July 1, 2018 JHJ Rental Car Company renewed its insurance coverage at a cost of $2,400. Required: Record the entry to renew the policy on July 1,2018 and adjusting entry required on December 31,2018. Your adjusting entry should reflect the balance in the prepaid insurance account on January 1,2018