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5. Prepaid Asset Adjusting Journal Entries (assume 12/31/2022 fiscal year end): 1 (a.) The prepaid insurance account has a $4,700 debit balance before adjustment. An

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5. Prepaid Asset Adjusting Journal Entries (assume 12/31/2022 fiscal year end): 1 (a.) The prepaid insurance account has a $4,700 debit balance before adjustment. An examination of insurance policies shows $900 of unexpired insurance remaining. How much of the asset was used up and this needs to be expensed? What is the correct journal entry

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