Adjusting entries for prepaid insurance Obj. 3 The balance in the prepaid insurance account, before adjustment at

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Adjusting entries for prepaid insurance Obj. 3 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 following alternatives for determining the amount of the adjustment:

(a) the amount of insurance expired during the year is $20,250;

(b) the amount of unexpired insurance applicable to future periods is $6,750.

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