The prepaid insurance account had a balance of $5200 at the beginning of the year. The account was debited for $5800 for premiums on policies purchase during the year. journalize the adjusting entry required at the end of the year for each of the following situations

Adjusting Entries for Prepaid Insurance The prepaid insurance account had a balance of $5,200 at the beginning of the year. The account was debited for $5,800 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 a. The amount of unexpired Insurance applicable to future periods is $1,000. If an amount box does not require an entry, leave it blank b. The amount of Insurance expired during the year is $10,000. If an amount box does not require an entry, leave it blank