On January $1,2022,$ Bottle Rockets Corp. purchased a general liability insurance policy for $$9,000$ to provide coverage for the

calendar year.

If the company recorded the policy as an asset when purchased, what is the monthly adjusting journal entry that should be

recorded at January $31,2022?($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If

no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Insurance Expense

Prepaid Insurance

If the company expensed the cost of the policy on January $1,2022,$ what is the monthly adjusting entry that should be recorded at

January $31,2022?($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is

required, select $"$No Entry" for the account titles and enter Ofor the amounts.$)$

Account Titles and Explanation

Debit

Credit