Adjusting Entries for Prepaid Insurance The prepaid insurance account had a balance of $4,300 at the beginning of the year. The account was debited for $4,800 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 $800. If an amount box does not require an entry, leave it blank. b. The amount of insurance expired during the year is $8,300. If an amount box does not require an entry, leave it blank