Response to the following problem:
An analysis of the company's insurance policies provided the following facts.
Policy Date of Purchase Months Coverage Cost
A April 1, 2010 24 $ 15,840
B April 1, 2011 36 13,068
C August 1, 2011 12 2,700
The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost.
(Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.) [Required: Use the information to prepare adjusting entries as of December 31, 2011.
(Omit the "tiny_mce_markerquot; sign in your response.) Adjusting entries (all dated December 31, 2011]