A One-Year Insurance Policy Was Purchased on June 1 for $2,400

Essay

A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be: $$\begin{array} { | c | c | c | c | c | } \hline \text { Date } & \text { Description } & \text { Post. Ref. } & \text { Debit } & \text { Credit } \\\hline & & & & \\\hline & & & & \\\hline\end{array}$$