Adjustment for prepaid expense

The prepaid insurance account had a beginning balance of $$6,220$ and was debited for $$2,670$ 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 $$1,960.$ If an amount box does not require an entry, leave it

blank.

Prepaid Insurance