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prepaid insurance, insurance expense, cash and retained earnings are the listed transactions in the t account section

Midwest Manufacturing purchased a three-year insurance policy for $33,600 on January 2,2021 . Required: 1. Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2021, December 31, 2021. and December 31,2022 2. Prepare the T-accounts for Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2021, balances in these accounts were $0,$0,$88,000, and $78,000, respectively. 3-a. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the balance sheet prepared on December 31, 2021, and December 31, 2022 3-b. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the income statement prepared on December 31, 2021, and December 31, 2022. Complete this question by entering your answers in the tabs below. Prepare any journal entries, adjusting journal entries, and dosing joumal entries required on January 2, 2021, December 31,2021 , and December 31, 2022. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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