Question: Analyze each situation and indicate the correct dollar amount for the adjusting entry. 1. Amount of insurance expired $970. 2. Amount of unexpired insurance $565.

Analyze each situation and indicate the correct dollar amount for the adjusting entry.

1. Amount of insurance expired $970.

2. Amount of unexpired insurance $565.

(Balance Sheet) Prepaid Insurance (Income Statement) Insurance Expense TB 1,450 (Balance Sheet) Prepaid Insurance (Income Statement) Insurance Expense 1,350 Bal.

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