An opening entry is a journal entry by the means of which the various balances related to assets, liabilities and capital of the previous accounting period are brought forward in the books of current accounting period.

'Debit all expenses and losses and Credit all incomes and gains'. For nominal accounts, the rule is debit all expenses and losses and credit all incomes and gains

Personal accounts can be classified into natural, artificial and representative personal accounts

The process of analysing the business transactions under the heads of debit and credit and recording them in the journal is called journalising.

a) Capital A/c - Personal Account
b) Drawings A/c - Personal Account
c) Machinery A/c  - Real Account
d) Purchases A/c - Real Account
e) Wages A/c - Nominal Account
f) Bank A/c - Personal Account
g) Outstanding Rent A/c - Personal Account
h) Prepaid Insurance A/c - Personal Account
i) Bad Debts A/c - Nominal Account

There are two approaches for recording business transactions, namely,
i) Accounting equation approach and
ii) Traditional approach
(i) Accounting Equation approach :
(a) The relationship of assets with that of liabilities to outsiders and to owners in the equation form is known as accounting equation.
(b) Under the Double entry system of book keeping, every transaction has two fold effects, which causes the changes in assets and liabilities or capital in such a way that an accounting equation is completed and equated
Equity + Liabilities =Assets
(ii) Traditional approach :
(a) Under this approach, the two fold aspects (Debit and Credit) in each transaction are recorded in the journal under double entry system.
(b) For the purpose of recording, the transactions are classified into three categories as
i) Transactions relating to persons,
ii) Transactions relating to assets, properties and liabilities and
iii) Transactions relating to expenses, losses, incomes and gains.

(i) Insurance premium paid on the life of the proprietor is a personal account.
(ii) It is spend for the personal use of the proprietor not for the business purpose. Hence Drawings A/c should be debited.
The entry is 

The following steps are followed in journalising
(1) Analyse the transactions and identify the accounts (based on aspects) which are involved in the transaction.
(2) Classify the above accounts under Personal account, Real account or Nominal account
(3) Apply the rules of debit and credit for the above two accounts.
(4) Find which account is to be debited and which account is to be credited by the application of rules of double entry system.
(5) Record the date of transaction in the date column.
(6) Enter the name of the account to be debited in the particulars column very close to the left hand side of the particulars column followed by the abbreviation 'Dr.' at the end in the same line. Against this, the amount to be debited is entered in the debit amount column in the same line.
(7) Write the name of the account to be credited in the second line starting with the word 'To' prefixed a few spaces away from the margin in the particulars column. Against this, the amount to be credited is entered in the credit amount column in the same line.
(8) Write the narration within brackets in the next line in the particulars column.