Prepaid Insurance. The Prepaid Insurance account has a $4,900 debit balance to start the year. A review of insurance policies and payments shows that $1,000 of unexpired insurance remains at year-end. Prepaid Insurance Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. X: This is a numeric cell, so please enter numbers only. Step 3: Record the December 31, adjusting entry to g Prepaid Insurance. The Prepaid Insurance account has a $6,090 debit balance at the start of the year. A review of insurance policies and payments shows $1,120 of insurance has expired by year-end DR or CR? Prepaid Insurance Step 1: Determine what the current account balance equals. $ 6,090 Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2 c. Prepaid Rent. On September 1 of the current year, the company prepaid $26,400 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $26,400 Prepaid Rent Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. a. The Supplies account has a $560 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $240 of supplies remaining Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. b. The Supplies account has an $1,450 debit balance to start the year. Supplies of $3,400 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $975 of supplies remaining Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. c. The Supplies account has a $5,300 debit balance to start the year. During the current year, supplies of $12,000 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $3,440 Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2