MW 5-30 to 6:15 9 Help Save& Exit Submit Harrod Company paid $5,300 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $5,300, and no adjustments had been made previously. The adjusting entry required on December 31 is Detik Prepali murnce $2650 Debit Insurance Expense, $1,325, credit Prepaid Insurance, $1,325 , S2550. Debit Cash, $5,300 Credn Prepaid Insurance, $5,30o. ..