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Analysis of Adjusting Entry for Insurance Analyze each situation and indicate the correct dollar amount for the adjusting entry. (Trial balance is abbreviated as TB.)

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Analysis of Adjusting Entry for Insurance Analyze each situation and indicate the correct dollar amount for the adjusting entry. (Trial balance is abbreviated as TB.) 1. Amount of insurance expired is $1,275. (Balance Sheet) Prepaid Insurance TB 1,700 Adj. Bal. (Income Statement) Insurance Expense Adj. 2. Amount of unexpired insurance is $325. (Balance Sheet) Prepaid Insurance 1,300 Adj. TB Bal. (Income Statement) Insurance Expense Adj

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