Adjusting Entries for Prepaid Insurance The prepaid Insurance account had a balance of $7,400 at the beginning of the year. The account was debited for $8,200 for premiums on policies purchased during the yean Journalize the adjusting entry required at the end of the year for each of the following situations: a. The amount of unexpired insurance applicable to future periods is $1,400. b. The amount of insurance expired during the year is $14,200