The balance in the prepaid insurance account, before adjustment at the end of the year, 1 527,000. The year end is March 31. Journalize 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 $20,250; (b) the amount of unexpired insurance applicable to future periods is $8,750. Refer to the Chart of Accounts for exact wording of account illes. Journal (a) Journalize the March 31 adjusting entry required when the amount of insurance expired during the year is $20,250. Refer to the Chart of Accounts for exact wording of accounts PAGE 1 JOURNAL ACCOUNTING EQUATION DATE POSTRE DET CREDIT LIABILITIES EQUITY DESCRIPTION Adjusting Entries I 1 2 Journal (b) Journalize the March 31 adjusting entry required when the amount of unexpired Insurance applicable to future periods is $8,750. Refer to the Chart of Accounts for exact wording of account titles. PAGE: JOURNAL ACCOUNTING EQUATION DATE POST. REF DERIT CREDIT ASSETS LABILITIES EQUITY DESCRIPTION Adjusting Entries