The prepaid insurance account had a balance of $7,500 at the beginning of the year. The account was debited for $8,300 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 $1,400

there is two answers

B. The amount of insurance expired during the year is $14,400

there is two answers