djusting entries for prepaid insurance tions Chart of Accounts Journal Instructions The prepaid insurance account had a balance of S7,000 at the beginning of the year. The account was debited for $24,000 for premiums on policies purchased during the year, ending on March 31. Journalize the adjusting entrywequired under each of the following alternatives for determining the amount of the adjustment: (a) the amount of unexpired insurance applicable to future periods is $8,500; (b) the amount of insurance expired during the year is $22,500. Refer to the Chart of Accounts for exact wording of account tifles 0 1