The prepaid insurance account had a beginning balance of $7,840 and was debited for $540 for premiums paid during the year.

Required:

Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $5,010. Refer to the Chart of Accounts for exact wording of account titles. Journalize the adjusting entry required on December 31, assuming the amount of unexpired insurance related to future periods is $5,010. Refer to the Chart of Accounts for exact wording of account titles

PAGE 1 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT