On July 1, a six-month liability insurance policy was purchased for $870. Required: Analyze the required adjustment as of July 31 using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated TB.)

On July 1, a six-month liability insurance policy was purchased for $870. Required: Anayze the require dadustment as of July 3t using T accounts, and then formally enter this adfustment in the general journal. (Trial balance is abbreviated TR) Analyze the required adjustment as of July 31 using T accounts. er this adjustment in the general jo Taccounts instruction Ar Prepare the adjustment in the general joumal. I4 General Journal instructions How does grading work? B