Instructions The prepaid insurance account had a balance of $6,636 at the beginning of the year. The account was debited for $23,475 for premiums on policies purchased during the year. Jourraize meadusting entry required under och or the following alternatives for determining the amount of the actrest: (a) the amount of unexpired insurance applicable to future periods is $8,750; (b) the amount of insurance expired during the year is $21.360 Refer to the Chart of Accounts for exact wording of account titles