The balance in the prepaid insurance account, before adjustment at the end of th

Question

The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the follo a. The amount of insurance expired during the year is $20,250. Insurance Expense Prepaid Insurance v Feedback Check My Work Set up a Prepaid Insurance T-account Consider each situation by recalling that prepaid insurance expires and becomes an expense with the passage of time. The insurance expense Complete your adjustin g entry by making sure that the entry affects at least one income statement account and one balance sheet account Learning Objective 3 e amount of unexpired insurance applicable to future periods is s6,750 Insurance Expense v Prepaid Insurance v Feedback The unexpired amount is the ending balance to the account.

Explanation / Answer

a Insurance expense 20250            Prepaid insurance 20250 b Insurance expense 20250 (27000-6750)            Prepaid insurance 20250

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