Instructions The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,755. The year and is March 31. Joumate the March 31 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 $14.715; (b) the amount of unexpired insurance applicable to future periods is $4,040. Refer to the Chart of Accounts for exact wording of account titles Chart of Accounts ASSETS REVENUE 11 Cash 41 Fees Eamed 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Journal ACCOUNTING EQUATION JOURNAL CREDIT ASSETS DENT EQUITY LIABILITIES POST REE DESCRIPTION DATE 1 Adjusting Entries 2 3 (D) Joumalize the March 31 adjusting entry required when the amount of unexpired insurance applicable to future periods is $4,040. Hefer to the Chart of Accounts for exact wordir accounts PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRES DEBIT CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries