Question: PLEASE help with this accounting problem, thank you Adjusting Entries for Prepaid Insurance The prepaid insurance account had a balance of $10,200 at the beginning

Adjusting Entries for Prepaid Insurance The prepaid insurance account had a balance of $10,200 at the beginning of the year. The account was debited for $11,300 for premiums on policies purchased during the year. Journalize the adjusting entry required at the end of the year for each of the following situations: a. The amount of unexpired insurance applicable to future periods is $1,900. If an amount box does not require an entry, leave it blank. Insurance Expense 0 Prepaid Insurance b. The amount of insurance expired during the year is $19,600. If an amount box does not require an entry, leave it blank. Insurance Expense 0 Prepaid Insurance 0
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