Question 3 (7 points) Saved The following is a partial unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance (partial) 1/31/16 Accounts...

I don't really understand adjusting. Do I debit Insurance expenses for $220 and credit Prepaid insurance for $220?

Question 3 (7 points) SavedThe following is a partial unadjusted Trial Balance.Bravo UnlimitedUnadjusted Trial Balance (partial)1/31/16AccountsDebitCreditCash$32,527Prepaid Insurance1,800Insurance Expense0The beginning balance in the Prepaid Insurance account on January 1, 2016 was $600 andrepresented five months of the building liability insurance. On, January 2, 2016, BravoUnlimited purchased a 12 month motor vehicle insurance policy. Use this information toprepare the General Journal entry (without explanation) for the required end of the monthadjustment. If no entry is required then write "No Entry Required."