Question: The insurance expense account had a total of 13 200 of
The insurance expense account had a total of $13,200 of premiums debited for premiums paid during the year. Showing T accounts, journalize the adjusting entry required at the end of the year, assuming that the amount of unexpired insurance related to future periods is $4,200. Prepaid insurance had a $3,000 normal balance before the adjusting entry. What are the final balances in the prepaid insurance and insurance expense accounts?
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