Adjustment for Prepaid Expense

Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $3,060 and was debited for $1,500 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $1,230. If an amount box does not require an entry, leave it blank. ' | l ' | l