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Adjusting entry the prepaid insurance account is reported at $800 on the December 31, 2019, unadjusted trial balance. Analysis of the insurance coverage reveals that

Adjusting entry

the prepaid insurance account is reported at $800 on the December 31, 2019, unadjusted trial balance. Analysis of the insurance coverage reveals that the company has two policies that were acquired at the same premium :

A- policy A for 3 years was acquired on January 1, 2017.

b- policy B for 2 years was acquired on January 1, 2019.

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