The prepaid insurance account had a balance of $4,800 at the beginning of the year. The account was debited for$15,000 for premiums on policies purchased during the year. Journalize the adjusting entry required at the end of the year for each of the following situations: the amount of unexpired insurance applicable to future periods is $5,000, the amount of insurance expired during the year is $14800

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Answered 1 year ago