Question: please help. if my answer is wrong please correct it Assume that on February 1, Procter & Gamble (P&G) pald $754,080 in advance for 2

please help. if my answer is wrong please correct it

Assume that on February 1, Procter & Gamble (P&G) pald $754,080 in advance for 2 years' insurance coverage. Prepare P&G's February 1 journal entry and the annual adjusting entry on June 30 (Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit Credit Feb. 1 Prepaid Insurance 754080 754080 Cash 125680 June 30 Insurance Expense 125680 Prepaid Insurance

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