c. Prepaid Insurance: At the beginning of the year the PREPAID INSURANCE account had a balance of $5,600, insurance coverage for January through July. On August 1, $10,200 was paid for 12 months of insurance coverage. 1/1 8/1 12/31 PREPAID INSURANCE 5,600 INSURANCE EXPENSE reported on the Income Statement?: PREPAID INSURANCE reported on the Balance Sheet?: 12/31 d. Unearned Revenue: The balance in the account before adjustment is $109,400. The amount of unearned fees at the end of the year is $61,550. 12/31 UNEARNED FEES 109,400 61,550 12/31 FEES EARNED reported on the Income Statement?: UNEARNED FEES reported on the Balance Sheet?: