Adjustment for Prepaid Experts The prepaid insurance account had a beginning balance of 53,940 and was debited for $1,000 of premium paid during the year, Journalise the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is 51,500 17 an amount box does not require an entry leave it blank 88 Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $3,840 and was debited for $1,800 Journalize the adjusting entry required at the end of the year, assuming the amount of unex require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Insurance Expense Insurance Payable Insurance Revenue Prepaid Insurance Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $3,840 and was debited for $1,800 Journalize the adjusting entry required at the end of the year, assuming the amount of unexpi require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Insurance Payable Insurance Revenue Prepaid Expense Prepaid Insurance