Question: For each separate case below, follow the three step process for adjusting the prepaid asset account at December 31. Step 1: Determine what the current

For each separate case below, follow the three step process for adjusting the prepaid 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 entries are made during the year. b. Prepaid Insurance. The Prepaid Insurance account has a $6,190 debit balance at the start of the year. A review of insurance policies shows $1,160 of insurance has expired by year-end

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