Requirement 1. Journalize the adjusting entries. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Prepaid insurance, beginning, $700. Payments for insurance during the period, $2,400. Prepaid insurance, ending, $300. a. Journal Entry Accounts Debit Credit Requirements 1. Journalize the adjusting entries. Suppose the adjustments were not made. Calculate the overall overstatement or understatement of net income resulting from the omission of these adjustments. -