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On November 1, Girtz Corporation purchased a six-month insurance policy from The Tomptee Agency for $4,500. a. Prepare the necessary adjusting entry for Girtz Corporation

On November 1, Girtz Corporation purchased a six-month insurance policy from The Tomptee Agency for $4,500.

Prepare the necessary adjusting entry for Girtz Corporation on November 30, assuming it recorded the November 1 expenditure as Unexpired Insurance.

b.	Prepare the necessary adjusting entry for The Tomptee Agency on November 30, assuming it recorded Girtzs payment as Unearned Insurance Premiums.

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