On March 15, 2020, Dufrane Co. paid $180,000 for a three-year insurance policy that covers April 1, 2020 through March 31, 2023. In addition, on March 21, 2020, Dufrane received $75,000 from a customer for a two-month project to be completed equally between May and June.

Prepare the initial entries for March 15^th and March 21^st. Prepare the adjusting entries needed for March, April, and May 2020 (if any).