On March 1, 2021, Cullumber Company paid $2,640 to Big North Insurance for a one-year insurance policy. Cullumber Company has a December 31 fiscal year end and adjusts accounts annually. Complete the following for Cullumber Company. Prepare the March 1, 2021, journal entry for the purchase of the insurance. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Mar. 1 Debit Credit Calculate the amount of insurance that expired during 2021 and the unexpired cost at December 31, 2021. Amount expired in 2021 Amount unexpired at December 31, 2021 $ Prepare the adjusting entry required at December 31, 2021. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Dec. 31 Debit Credit