The prepaid insurance account had a beginning balance of $5,860 and was debited for $2,520 of premiums paid during the year . Journailze the adjusting entry required at the end of the year , assuming the amount of unexpired insurance related to future periods is $2,600

Smokey Company purchases a 1-year insurance policy on July 1 for $10,824. The adjusting entry on December 31 is

The prepaid insurance account had a balance of $11,200 at the beginning of the year. The account was increased for $7,500 for premiums on policies purchased during the year. What is the adjustment required at the end of the year for each of the following independent situations? For each account affected, indicate whether the account is increased or decreased and the amount of the increase or decrease. a.  The amount of unexpired insurance applicable to future periods is $10,500. Insurance Expense   $fill in the blank 2 Prepaid Insurance   $fill in the blank 4 b.  The amount of insurance expired during the year is $14,200. Insurance Expense   $fill in the blank 6 Prepaid Insurance   $fill in the blank 8

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