Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $5,710 and was debited for $2,910 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 $3,620 Accounts Payable Accounts Receivable Cash Insurance Payable Insurance Revenue Prepaid Expense Prepaid Insurance