Required:
1.	Give the adjusting journal entry required for each item at December 31, 2015.

Brokeback Towing Company is at the end of its accounting year, December 31, 2015. The following data that must be considered were developed from the companys records and related documents:

a. On July 1, 2015, a two-year insurance premium on equipment in the amount of $600 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1.

b,

On December 31, 2015, the company completed a contract for an out-of-state company for $7,950 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction.

Brokeback Towing Company is at the end of its accounting year, December 31, 2015. The following data that must be considered were developed from the companys records and related documents:

a. On July 1, 2015, a two-year insurance premium on equipment in the amount of $600 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1.

I know it is Insurance Expense and Prepaid Insurance, but I dont know what is the number of Debit and Credit and how to get these number.

c.On December 31, 2015, YYs Garage completed repairs on one of Brokebacks trucks at a cost of $800. The amount is not yet recorded. It will be paid during January 2016.