The prepaid insurance account had a beginning balance of $3,420 and was debited for $6,215 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $2,505. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Journal Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unexpired insurance related to future periods is $2,505. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 2 3 DATE DESCRIPTION Adjusting Entries JOURNAL PAGE 10 ACCOUNTING EQUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY