Briefly discuss your results Adjusting entries for prepaid insurance The balance in the...
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Accounting
Briefly discuss your results
Adjusting entries for prepaid insurance
The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,700. Journalize the adjusting entry required under each of the following alterna-tives for determining the amount of the adjustment:
(a) the amount of insurance expired during the year is $16,450;
(b) the amount of unexpired insurance applicable to future periods is $5,250.
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