Required: a. 1. Use the horizontal model to record the payment of a one-year insurance premium of $9,480 on May 1, 2022. 2. Prepare the journal entry to record the payment of a one-year insurance premium of $9,480 on May 1, 2022. b. 1. Use the horizontal model that will be made at the end of every month to show the amount of insurance premium "used" that month. 2. Prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium "used" that month. c. Calculate the amount of prepaid insurance that should be reported on the December 31,2022 , balance sheet with respect to this policy. Complete this question by entering your answers in the tabs below. Use the horizontal model to record the payment of a one-year insurance premium of $9,480 on May 1,2022. Note: Enter decreases to account balances with a minus sign. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the payment of a one-year insurance premium of $9,480 on May 1,2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the $9,480 payment of a one-year insurance premium on May 1, 2022. Note: Enter debits before credits. a. 1. Use the horizontal model to record the payment of a one-year insurance premium of $9,480 on May 1, 2022. 2. Prepare the journal entry to record the payment of a one-year insurance premium of $9,480 on May 1, 2022. b. 1. Use the horizontal model that will be made at the end of every month to show the amount of insurance premium "used" that month. 2. Prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium "used" that month. c. Calculate the amount of prepaid insurance that should be reported on the December 31,2022 , balance sheet with respect to this policy. Complete this question by entering your answers in the tabs below. Use the horizontal model that will be made at the end of every month to show the amount of insurance premium "used" that month. Note: Enter decreases to account balances with a minus sign. Prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium "used" that month. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the insurance expense for the month. Note: Enter debits before credits. Required: a. 1. Use the horizontal model to record the payment of a one-year insurance premium of $9,480 on May 1, 2022. 2. Prepare the journal entry to record the payment of a one-year insurance premium of $9,480 on May 1, 2022. b. 1. Use the horizontal model that will be made at the end of every month to show the amount of insurance premium "use month. 2. Prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium "u month. c. Calculate the amount of prepaid insurance that should be reported on the December 31,2022 , balance sheet with resp policy. Complete this question by entering your answers in the tabs below. Calculate the amount of prepaid insurance that should be reported on the December 31,2022 , balance sheet with respect to this policy