Requirement 1. Journalize the adjusting entry needed on December 31, 2020, the 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. Enter explanations on the last line.)

a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $500 and a debit to the account on March 31 for $3,100 to record the payment of an annual insurance premium. At December 31, 2020, $775 is still prepaid.

Record the insurance expense for the year ended December 31, 2020.