whats your math on this to find it? On January 2, 2012, Superchunk purchased a general liability insurance policy for $2,100 for coverage for the calendar year. The entire $2,100 was charged to Insurance Expense on January 2, 2012. If the firm prepares monthly financial statements, the proper adjusting entry on January 31, 2012, will be: Prepaid Insurance 175 Insurance Expense 175 Insurance Expense 175 Prepaid Insurance 175 Prepaid Insurance 1,925 Insurance Expense 1,925 Insurance Expense 1,925 Prepaid Insurance 1,925