Adjusting Entries for Prepaid Insurance The prepaid insurance account had a balance of $4,800 at the beginning of the year. The account was debited for $5,300 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: Question Content Area a. The amount of unexpired insurance applicable to future periods is $900. blank – Select – – Select – Question Content Area b. The amount of insurance expired during the year is $9,200. blank – Select – – Select –
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