Adjusting Entries for Prepaid Insurance The prepaid insurance account had a balance of $9,500 at the beginning of the year. The account was debited for $10,500 for premiums on policies purchased during the year. 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 $1,800. If an amount box does not require an entry, leave it blank. Insurance Expense 7,700 X Prepaid Insurance 7,700 x Feedback