Requirement 1. Journalize the adjusting entries. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Prepaid insurance, beginning, $300. Payments for insurance during the period, $2,400. Prepaid insurance, ending, $800. Requirements 1. Journalize the adjusting entries. 2. Suppose the adjustments were not made. Calculate the overall overstatement or understatement of net income resulting from the omission of these adjustments