Required information Exercise 5-21 (Static) Prepaid expenses-insurance LO 5-10 [The following information applies to the questions displayed below] A company makes the payment of a one-year insurance premium of $4,800 on April 1, 2022. Exercise 5-21 (Static) Part a (1) a-1. Use the horizontal model to record the above transaction. Note: Enter decreases to account balances with a minus sign. Required information Exercise 5-21 (Static) Prepaid expenses-insurance LO 5-10 [The following information applies to the questions displayed below] A company makes the payment of a one-year insurance premium of $4,800 on April 1, 2022. Exercise 5-21 (Static) Part a (2) 1-2. Prepare the journal entry to record the above transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the payment of a one-year insurance premium