On November 1 of the current year, Salinger Company paid $9,600 cash for a one-year insurance policy that took effect on that day. On the date of the payment, Salinger recorded the following entry: 
Prepare the required adjusting entry at December 31 of the current year.
Definitions:
Revenues
The total amount of money received by the company for goods sold or services provided during a certain period.
Total Assets
The sum of all assets owned by a company, as reported on the balance sheet, representing the resources controlled by the company.
Liabilities
Financial obligations or debts that a company owes to others, due to past transactions or events.
Revenue
The complete financial intake a company secures from transactions involving goods or services within a certain interval.
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