Required information Exercise 5-19 (Algo) Prepaid expenses-insurance LO 10 [The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $3,840 on March 1, 2019. Exercise 5-19 (Algo) Part a (2) a-2. Prepare the journal entry to record the above transaction. (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 < 1 Record the payment of a one-year insurance premium. Note: Enter debits before credits. Date Mar 01 General Journal Debit Credit Required information Exercise 5-19 (Algo) Prepaid expenses-insurance LO 10 [The following information applies to the questions displayed below] A company makes the payment of a one-year insurance premium of $3,840 on March 1, 2019. Exercise 5-19 (Algo) Part b (1) b-1. Use the horizontal model to show the amount of insurance premium "used" that month. (Use amounts with for increases and amounts with for decreases.) Assets Cash Insurance expenses Interest receivable Note receivable Daid-insurance Balance Sheet Liabilities Stockholders' Equity - Net Income Income Statement Revenues 1, 2019. th. (Use amounts with + for increases and ders' Equity Net Income Income Statement Revenues Expenses equirea information Exercise 5-19 (Algo) Prepaid expenses-insurance LO 10 [The following information applies to the questions displayed below.] 7 A company makes the payment of a one-year insurance premium of $3,840 on March 1, 2019. ces Exercise 5-19 (Algo) Part b (2) b-2. Prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium "used" that month. (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 Record the expiration of prepaid insurance each month. Note: Enter debits before credits Event 1 General Journal Debit Credit