Mini$-$Exercise $5-7($Algo$)$ Prepaid expenses$$insurance LO $5-10$

Required:

Use the horizontal model to record the payment of a one$-$year insurance premium of $$9,480$ on May $1,2022.$

Prepare the journal entry to record the payment of a one$-$year insurance premium of $$9,480$ on May $1,2022.$

Use the horizontal model that will be made at the end of every month to show the amount of insurance premium $$used$$ that month.

Prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium $$used$$ that month.

Calculate the amount of prepaid insurance that should be reported on the December $31,2022,$ balance sheet with respect to this policy.