Prepaid insurance

b$.$ Prepaid Insurance. The Prepaid Insurance account has a $$6,690$ debit balance at the start of the year. A review of insurance policies shows $$1,360$ of insurance has expired by year$-$end.

c$.$ Prepaid Rent. On September $1$ of the current year, the company prepaid $$33,600$ for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $$33,600.$