Prepare journal entries to record the following transactions and post any entries that affect the Prepaid Insurance T$-$account $($assume Prepaid Insurance beginning balance of $$8,640$ as of March $31).$

a$.$ April $1$: Paid cash for one$-$year policy, $$17,280$

b$.$ December $31$: Unexpired premiums, $$4,320$

Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd$/$mmm $($i$.$e$.,$ January $15$ would be $\frac{15}{J}an).$

$($or 'Bal'$)$ next to it$,$ in the left$-$hand cell on the appropriate side.