The amount currently sitting in prepaids arose due to the insurance policy last year. Bruce didn't know how to correct it$,$ so he left it$.$ This year's insurance policy was purchased on November $1$ for $$9,000.$ The policy runs from November $1$ to October $31$ of each year. The prepaids in the trial balance shows the balance of $3400.$ I want to know the journal entries to make here. Can you also tell me will it be Prepaid Insurance dr $9000$ and cash cr $9000$