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Record journal entries for these transactions assuming Garcia follows the alternative practice of recording a prepayment of an kense in an expense account and recording a prepayment of revenue received in a revenue account. (If no entry is required for a ansaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the adjusting entry required for insurance. Note: Enter debits before credits. Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $6,000 cash for 12 months of insurance coverage beginning intinediately. Aug 1 The company received $2,400 cash in advance for 6 months of contracted services beginning on August 1 and ending on January 31. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage and services performed. a. Record Journal entries for these transactions assuming Garcla follows the usual practice of recording a prepayment of an expense in an asset account and recording a prepayment of revenue recelved in a llability account