w Q.8-2b. Possible General Journal Entries A new accountant Craig's Design and Landscaping Services prepared the following general journal entry at the end of the current quarter (click the fact to see the general journal entry). The general journal entries includes an error. Choose the best explanation of the error from the choices provided. To record payment of an insurance premium on a policy that covers the current quarter plus three quarters that fall into the next calendar year. The full amount of the 12 -month premium should have been recorded as prepaid insurance in the current year. The full amount of the 12 -month premium should be recorded as an accrued expense in the current year, not insurance expense. The insurance premium payment should have been allocated between insurance expense and prepaid insurance 3 months and 9 months, respec There is nothing wrong with the entry as proposed