(a) Joumalize the March 31 adjusting entry required when the amount of insurance expired during the year is $14,715.

Print kem eBook Show Me How Chapter 3 Homework Chart of Accounts Instructions General Ledger The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,755. The year end is March 31. ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable Journalize the March 31 adjusting entry required under each of the 13 Supplies EXPENSES following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $14,715; (b) 14 Prepaid Insurance 51 Advertising Expense 15 Land 52 Insurance Expense the amount of unexpired insurance applicable to future periods is $4,040. 16 Equipment 53 Rent Expense 17 Accumulated Depreciation-Equipment 54 Salary Expense 55 Supplies Expense LIABILITIES 56 Utilities Expense 21 Accounts Payable 57 Depreciation Expense 22 Unearned Fees 59 Miscellaneous Expense 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Check My Work Assignment Score: 0.0% All work saved. O 180 esc @ $ % A & 2 W 4 5