Adjusting entries for prepaid insurance.

The prepald itsurance account had a balance of $5.920 at the beginning of the year. The account was debiled tar $24.000 tor premkirs on polcies purchased during the year, ending on March 31 future periods is $8,005; (0) the amount of insurance expied duning the year is 322,915 . CHART OF ACCOUNTS 15 Land 52 Insurance Expense Th 16 Equipment en 17 Accumulated Depreciation-Equipment 53 Rent Expense 54 Salary Expense 55 Supplies Expense Jo fut 21 Accounts Payable 56 Utilties Expense 57 Depreciation Expense 22 Uneamed Fees 59 Miscellaneous Expense 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends (a) Journalize the March 31 adjusting entry requred when the amount of unexpired insurance applicable to future periods is $8,005