PREPAID EXPENSE

Please help. Thank you! Prepare the Date of Entry and End of the Year (December 31) transactions for the following Adjusting Entries. Record using the ASSET and EXPENSE METHOD. Write all entries in the journal. Show analysis and computations. Follow the format given below the questions. 1. An insurance policy covering a 3-year period from date of payment was purchased on June 1, 2019 for S 30,000. Analysis #1 Date of Entry: June 1, 2019 End of the Year: December 31, 2019 How many months? Duration of Payment: Account Title: Insurance ASSET form: Prepaid Insurance EXPENSE form: Insurance Expense ASSET METHOD PR DEBIT CREDIT DATE OF ENTRY: : DATE ACCOUNT TITLES 20 Prepaid Cash To record advance payment of $ $ ACCOUNT TITLES PR DEBIT CREDIT END OF THE YEAR: DATE 20 month> Expense Cash To record advance payment of $ $ PR DEBIT CREDIT END OF THE YEAR DATE ACCOUNT TITLES 20 Prepaid Expense To record UNUSED portion of $ $ 2. Store supplies costing $5,000 were purchased on Jan. 15, 2019 and on December 31 of the same year, 65% of store supplies were unused. Analysis #2 2 Date of Entry End of the Year: December 31, 2019 Duration of Payment How many months? Account Title: Supplies ASSET form: Supplies EXPENSE form: Supplies Expense ASSET METHOD PR DEBIT CREDIT DATE OF ENTRY: DATE ACCOUNT TITLES 20 CREDIT Expense Cash To record advance payment of $ $ PR DEBIT CREDIT END OF THE YEAR: DATE ACCOUNT TITLES 20 Prepaid Expense To record UNUSED S $ $ portion of