The prepaid insurance account had a balance of $3,600 at the beginning of the year. The account was debited for $4,800 for premiums on policies purchased during the year. Journalize the adjusting entry required at the end of the year for each of the following situations:
(a) The amount of unexpired insurance applicable to future periods is $2,950;
(b) The amount of insurance expired during the year is $5,450.