< Adjustment for prepaid expense Instructions Chart of Accounts Journal Instructions The prepaid insurance account had...

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< Adjustment for prepaid expense Instructions Chart of Accounts Journal Instructions The prepaid insurance account had a beginning balance of $3,420 and was debited for $6,460 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 $2,835. Refer to the Chart of Accounts for exact wording of account titles. < Adjustment for prepaid expense Instructions Chart of Accounts Journal Instructions The prepaid insurance account had a beginning balance of $3,420 and was debited for $6,460 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 $2,835. Refer to the Chart of Accounts for exact wording of account titles.