Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $17,140. 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 $13,030. b. The amount of unexpired insurance applicable to future periods is $4,110. Accounts Payable Accounts Receivable Cash Insurance Expense Insurance Payable Insurance Receivable Insurance Revenue Prepaid Expense Prepaid Insurance