A. Apell 1 paid cash for one-year policy, $20,000 B. December 31, unexpired premiums, $4,900 Prepare journal entries to record the above transactions. Asume Prepaid Insurance beginning balance of 69,300. If an amount box does not require an entry, leave e blank Apr. 1 Cash Interest Expense 8 Dec. 31 Create a T-account for Prepaid Insurance, post any entries that affect the account, and tally the ending balance for the account. Prepaid Insurance Beg. Bal. Balance