Problem: The company paid one-year fire insurance amounting to P12,000 on August 01, 2020. Determine the following: 1. Record the adjusting entry for the year December 31, 2020 under the asset method. Dr. 1 Cr. 3 2. Record the adjusting entry for the year December 31, 2020 under the expense method. Dr. 5 8 Cr. 7 INSTRUCTIONS: 1. Choose from the following accounts for the correct account of adjusting entries: Insurance expense Prepaid insurance 2. For the amounts of debit and credit, encode your answer in whole number without decimal places, no comma and peso sign (eg, if your answer is 4,000, encode it as 4000)