eBook htMain.do?invoker-&takeAssignmentSessionLocator &inprogress=false Show Me How Print tem Update Adjusting Entries for Prepaid Insurance The prepaid insurance account had a balance of $10,700 at the beginning of the year. The account was debited for $11,900 for premiums on policies purchased during the year. Journalize the adjusting entry required at the end of the year for each of the following situations: a. The amount of unexpired insurance applicable to future periods is $2,000. If an amount box does not require an entry, leave it blank. 88 88 b. The amount of insurance expired during the year is $20,600. If an amount box does not require an entry, leave it blank