Adjusting Entries for Prepaid Insurance The prepaid insurance account had a balance of $3,000 at the beginning of the year. The account was debited for $32,500 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of unexpired insurance applicable to future periods is $4,800. b. The amount of insurance expired during the year is $30,700. Previous Next Check My Work s more Check My Work uses remaining items : 41.67%