Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the independent cases affecting Greens Corporation. Include an explanation for each entry. a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $2,800 and a debit to the account on March 31 for $3,000 to record the payment of an annual insurance premium. At December 31, $1,000 is still prepaid. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanation Debit Credit Dec 31