Adjustment for prepaid expense Instructions Chart of Accounts Journal Instructions The prepaid insurance account had a beginning balance of $3,710 and was debited for $6,035 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 $3,005. Refer to the Chart of Accounts for exact wording of account titles. ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Insurance 51 Advertising Expense 15 Land 52 Insurance Expense 16 Equipment 53 Rent Expense 17 Accumulated Depreciation-Equipment 54 Salary Expense 55 Supplies Expense LIABILITIES 56 Utilities Expense 21 Accounts Payable 57 Depreciation Expense 22 Unearned Fees 59 Miscellaneous Expense 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unexpired insurance related to future periods is $3,005. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3