3.The following table shows the insurance premiums paid by three unrelated companies:

Case

I

II

III

Beginning balance in Prepaid Insurance

$ 500

$ 300

$4,000

Premiums paid during the year

2,500

4,000

?

Ending balance in Prepaid Insurance

?

400

200

Insurance used up during the year

2,400

?

5,500

a.Fill in the missing information.

b.Ignoring dollar amounts, give all possible journal entries to record the premium payments. Give only what accounts are debited and credited. Example:

Account AXXXX

Account BXXXX