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On January 18, 2016, Urban Pro paid $24,000 for a two-year insurance premium that covers...

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Accounting

On January 18, 2016, Urban Pro paid $24,000 for a two-year insurance premium that covers February 1, 2016 through January 31, 2018. Urban Pro's year-end is March 31, 2016.
 

a. What entry is made on January 18, 2016?



b. What adjusting entry should be made on March 31, 2016 before the financial statements are prepared for the year ending March 31, 2016?

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