EX 3-14 Adjusting Entries For Prepaid Insurance The Balance In The Prepaid Insurance Account, Before Adjustment At The End Of The Year, Is $27,000. Journalize The Adjusting Entry Required Under Each Of The Following Alternatives For Determining The Amount Of The Adjustment: (A) The Amount Of Insurance Expired During The Year Is $20,250; (B) The Amount Of

 

EX 3-14 Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $20,250; (b) the amount of unexpired insurance applicable to future periods is $6,750.