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In the prior year Company ABC had paid the entire year's insurance policy upfront which expired as of December 31, 2020. The insurance premium for

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In the prior year Company ABC had paid the entire year's insurance policy upfront which expired as of December 31, 2020. The insurance premium for 2021 is $5,600. Company ABC renewed and paid half the 2021 insurance premium on December 21, 2020. For the unadjusted trial balance for December 31, 2020, prepaid insurance was debited for $5,400. Create adjusting journal entry for the year ending December 31, 2020

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