For each separate cose below, follow the three$-$step process for odjusting the prepoid osset occount ot December $31.$

Step $1$: Determine whot the current account bolance equals.

Step $2$: Determine what the cufrent occount bolance should equal.

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

Assume no other odjusting entries ore made during the yeor:

$8.$ Prepald insurance. The Prepald insurance account has a $$4,800$ deblt balance to etart the year. A revisw of insurance pollcles shows that $$550$ of unexpired insurance remains at yearend. poilches shaws st$,$ Gso of lneurance hes expired by wadrend