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Saved 4 E9.4 Adjusting Entry Prepaid Insurance art 4 of 10 Using the QBO Sample Company, Craig's Design and Landscaping Services, complete the following. In December, Craig paid $482.46 for insurance to cover a 3-month period. So at the end of the accounting period on Decemb oints month of insurance had expired @ $160.82 ($482.46/3 months = $160.82 per month). The unexpired portion of the insurance Prepaid Insurance, an asset account with future benefit. Since Craig recorded the entire $482.46 as Insurance Expense, an ac entry is needed to bring accounts up to date at December 31. eBook 1. Complete the following table. (Round your answers to 2 decimal places.) Print References Account Account Type Increase or Decrease? Debit or Credit? Amount Insurance Expense Expense Decrease Credit Prepaid Insurance Asse Increase Debit CP Mc Graw Prey 4 5 6 . .. 10 of 10 Next > Hill ducation 5 e W P Type here to search