For each separate case below, follow the three$-$step process for adjusting the prepald asset account at December $31$

Step $1$: Determine what the current account balance equals.

Step $2$: Determine what the current account balance should equal.

Step $3$: Record the December $31$ adjusting entry to get from step $1$ to step $2.$

Assume no other adjusting entrles are made during the year.

a$.$ Prepaid Insurance. The Prepaid Insurance account has a $$4,800$ debit balance fo start the year. A review of insurance policies shows that $$950$ of unexpired insurance remains at year$-$end.

$\backslash$table$[[,,$Prepaid Insurance$],[,$Step $1$: Determine what the current account balance equals.,,$],[$Step $2$: Determine what the current account balance should equal.,,,$],[,,,],[$Step $3$: Record the December $31$ adjusting entry to get from step $1$ to step $2,,,],[,,,],[,,,],[,,,]]$

b$.$ Prepaid Insurance. The Prepaid Insurance account has a $$5,990$ debit balance at the start of the year. A review of insurance policies shows $$1,080$ of insurance has expired by year$-$end.

$\backslash$table$[[,,,],[$Step $1$: Determine what the current account balance equals,,,$],[,,,],[$Step $2$: Determine what the current account balance should equal,,,$],[,,,],[,,,],[,,,],[,,,]]$

occupied that day. The company debited Prepaid Rent and crany prepaid $$25,200$ for two years of rent for facilities being occupied that day. The company debied Prepaid Rent and credited Cash for $$25,200.$

$\backslash$table$[[,,,,],[$Step $1$: Determine what the current account balance equals,,,Prepaid Rent$],[$Step $2$: Determine what the current account balance should equal.,,,,$],[,,,,],[$Step $3$: Record the December $31$ adjusting entry to get from step $1$ to step $2,,,,],[,,,,],[,,,,],[,,,,]]$