Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $22,500. 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 $18,000. If an amount box does not require an entry, leave it blank. Insurance Expense 4,500 X Prepaid Insurance 4,500 X Feedback Check My Work b. The amount of unexpired insurance applicable to future periods is- $4,500. If an amount box does not require an entry, leave it blank. Insurance Expense Prepaid Insurance Feedback