Part 1 Seved Help Save & Exit Submit Check my work At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $7,680 and Insurance Expense of $0. The Insurance was purchased on July 1 and provides coverage for 24 months Required: 1. Prepare the adjusting journal entry on December 31, 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted 42 balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting journal entry on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Required 1 Required 2 Prepare the adjusting journal entry on December 31. (If no entry is required for a transaction/event, select "No Journal in the first account field.) View transaction list Journal entry worksheet Help Save & Exit Submit Check my work Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting Journal entry, and report the adjusted balance. Prepaid Insurance Insurance Expense Beg Bal. Beg. Bal. End. Bal. End. Bal.