The prepaid insurance account had a balance of $8,300 at the beginning of the year. The account was debited for $9,200 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of unexpired insurance applicable to future periods is $1,500. If an amount box does not require an entry, leave it blank b. The amount of insurance expired during the year is $16,000. If an amount box does not require an entry, leave it blank. 88 38