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The accountant advised you that $3960 (GST inclusive) paid to InsuranceCo on 2020-07-31 was for business insurance covering from 1 July 2020 to 30 June

The accountant advised you that $3960 (GST inclusive) paid to InsuranceCo on 2020-07-31 was for business insurance covering from 1 July 2020 to 30 June 2021.

You are required to create a manual journal entry to adjust the insurance claimed for the month of Jul 2020 and the remainder to Prepayments.

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