PART 1 Company X started business in August. On August 1st, Company X pays $2,400 to their insurance company for a one-year insurance policy that will end on July 31st of the following year. What is the entry to record the policy payment on August 1st? What is the Debit Entry? Account [Select] What is the Credit Entry? [Select] Amount [Select] [Select] PART 2 What is the necessary adjusting entry at the end of the December, assuming the company makes adjusting entries only at the end of the year? What is the Debit Entry? Account [Select] Amount [Select] What is the Credit Entry? [Select] [Select] WAWAER