Balance for prepaid expense on 6/30 yr 12 400

Making adjusting entries the end of July

How would I record this

The firm paid the premium on a one year insurance polic March 1 yr 12 with coverage beginning that month. No other policy was in effect on
June 30, yr 12

Some assumptions are necessary
1. the balance of the account is the amount of the insurance premium
2. there is no residual balance in the account from the previous year
a premium for a policy beginning March 1 in a year ending 30 June has extinguished 1/3 of its value at 30 June leaving 2/3 prepaid
Making an adjusting entry in July means you could be calculating one month's premium or five months

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