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(EX-03-14) (SEE PHOTO ATTACHMENT) Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is

(EX-03-14)

(SEE PHOTO ATTACHMENT)image text in transcribed

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

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