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Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment...

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Accounting

Adjusting entries for prepaid insurance
The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,910. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
a. The amount of insurance expired during the year is $16,650. If an amount box does not require an entry, leave it blank.
b. The amount of unexpired insurance applicable to future periods is $5,260. If an amount box does not require an entry, leave it blank.
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