Hello i need help with this question

At January 31, 2018 CK needs to update his accounts before prepar-

ing financial statements to review Mookie The Beagle Concierge perfor-

mance for its first month of operations. CK has asked for your assistance

in preparing the adjusting entries. Mookie The Beagle Concierge will be

using the accrual basis of accounting.

In January Mookie The Beagle Concierge purchased $300 of liability

insurance to cover a 3 month period. So at the end of the accounting

period on January 31, 1 month of rent had expired @ $100.00. ($300/3

months = $100 per month). The balance is Prepaid Insurance Expense,

an asset account with future benefit. Since Mookie The Beagle Concierge

recorded the entire $300 as Insurance Expense, an adjusting entry is

needed to bring accounts up to date at January 31.

if we put 200 in both accounts then where does the 100 go? we need to balance both accounts.

Please complete the table step by step. Thank you.

1. Complete the following table

Account Account Type Increase or Decrease? Debit or Credit? Amount

Insurance Expense Expense $

Prepaid Expenses: Asset $

Insurance