Question: This is a basic accounting question. please show steps and answer as i am having trouble with reaching correct final answer TJs Tavern paid $9,600

This is a basic accounting question. please show steps and answer as i am having trouble with reaching correct final answer

TJs Tavern paid $9,600 on March 1, 2012, for a four-year insurance policy. In the companysinformation system, this was recorded as prepaid insurance. Use the accounting equation to show:

A. The purchase of the insurance on March 1, 2012

B. The adjustment TJs will need to make to properly report expenses when preparing August 31,2012 financial statements

C. The adjustment TJs will need to make to properly report expenses when preparing March 1,2013 financial statements

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