On September 30, Apple Inc. paid $24,000 for insurance for October, November, and December. On October 31, unadjusted balances for Prepaid Insurance and Insurance Expense were $24,000 and $0, respectively. Based on this information, (1) analyze the accounting equation effects of the adjustment required on October 31, (2) record the adjusting journal entry, and (3) summarize the effects of the adjusting journal entry in the T-accounts shown below. On September 30, Apple Inc. paid $24,000 for insurance for October, November, and December. On October 31, unadjusted balances for Prepaid Insurance and Insurance Expense were $24,000 and $0, respectively. Based on this information, (1) analyze the accounting equation effects of the adjustment required on October 31, (2) record the adjusting journal entry, and (3) summarize the effects of the adjusting journal entry in the T-accounts shown below