The prepaid insurance account had a beginning balance of $$6,800$ and was debited for $$25,100$ 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 $$8,500.$ 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.

CHART OF ACCOUNTS

General Ledger

ASSETS

$11$ Cash

$12$ Accounts Receivable

$13$ Supplies

$14$ Prepaid Insurance

$15$ Land

$16$ Equipment

$17$ Accumulated Depreciation$-$Equipment

LIABILITIES

$21$ Accounts Payable

$22$ Unearned Fees

$23$ Salaries Payable

$24$ Taxes Payable

EQUITY

$31$ Common Stock

$32$ Retained Earnings

$33$ Dividends

REVENUE

$41$ Fees Earned

EXPENSES

$51$ Advertising Expense

$52$ Insurance Expense

$53$ Rent Expense

$54$ Salary Expense

$55$ Supplies Expense

$56$ Utilities Expense

$57$ Depreciation Expense

$59$ Miscellaneous Expense

Journalize the adjusting entry required at the end of the year $($December $31),$ assuming the amount of unexpired insurance related to future periods is $$8,500.$ 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.