Business, 15.07.2021 17:40 joelpimentel

. Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2018, December 31, 2018, and December 31, 2019. 2. Prepare the T-accounts for Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2018, balances in these accounts were $0, $0, $90,000, and $80,000, respectively. 3-a. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the balance sheet prepared on December 31, 2018, and December 31, 2019. 3-b. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the income statement prepared on December 31, 2018, and December 31, 2019.

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