Ingle Company paid $12,960 for a four-year insurance policy on September 1 and recorded the $12,960 as a debit to Prepaid Insurance and a credit to Cash.What adjusting entry should Ingle make on December 31,the end of the accounting period?

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The Answer of Ingle Company paid $12,960 for a four-year insurance policy on September 1 and recorded the $12,960 as a debit to Prepaid Insurance and a credit to Cash.What adjusting entry should Ingle make on December 31,the end of the accounting period?

Ingle Company Paid $12,960 for a Four-Year Insurance Policy on September