Problem 7-5 Prepaid Insurance and the Monthly Prepaid Insurance Adjusting Entry On September 1, 2023, Amy's Floral Shop, Inc. paid cash for the following two insurance policies. The company has the accounting policy that all prepaid assets are initially recorded in asset accounts. The following is a partial list of the accounts in Amy's General Ledger. These are the only accounts you need for this problem. D Cash D Prepaid Insurance (asset account) D Insurance Expense Use the forms on Tabs and in the Excel workbook Chapter 07c - Problem 7.1 to 7-8 Forms to complete this problem. Requirement 1 Prepare the General Journal entry to record the September 1 cash payment made to purchase the two insurance policies. Note that there is only one General Ledger account for Prepaid Requirement 4 Prepare a " T " account analysis to determine the required September 30 adjustment to the Prepaid Insurance account. Note that your "T" account analysis is for the Prepaid Insurance account, which contains the total amount of Prepaid Insurance for both insurance policies. Requirement 5 Prepare the September 30 General Journal adjusting entry for Prepaid Insurance. Requirement 6 Assuming that all monthly General Journal adjusting entries were correctly made and that no additional insurance has been purchased: D What would be the amount of Prepaid Insurance shown on Amy's Floral Shop, Inc.'s Balance Sheet as of October 31, 2023? D. What would be the amount of Insurance Expense on the Income Statement for the period October 1 to October 31,2023