Adjusting Entries for Prepaid Insurance The prepaid insurance account had a balance of $4,900 at the beginning of the year. The account during the year was debited for $5, 400 for premiums on policies purchased ournalize the adjusting entry required at the end of the year for each of the following situations: .The amount of unexpired insurance applicable to future periods is $900. Accounts Payable Accounts Recelvatlence expired during the year is $9,400. Cash Insurance Expense Insurance Payable Insurance Revenue Prepaid Insurance Previous Next Check My Work All work saved