Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $8,310. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: If an amount box does not require an entry, leave it blank. a. The amount of insurance expired during the year is $6,320. Insurance Expense 6,320 Prepaid Insurance a 6,320 b. The amount of unexpired insurance applicable to future periods is $1,990.