Requirement 1. Journalize the adjusting entry needed on December 31, end of the current accounting period, for each of the following independent cases affecting Tiger Corp. Include an explanation for each entry. (Record debits first, then credits. Explanations will appear on the last line of the journal entry.)

a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $700 and a debit to the account on March 31 for $ 4,000t o record the payment of an annual insurance premium. At December ,$1,000 is still prepaid.

Record the insurance expense for the year ended December 31December31.