The prepaid insurance account had a balance of $12,000 at the beginning of the year. The account
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The prepaid insurance account had a balance of $12,000 at the beginning of the year. The account was debited for $18,000 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 $13,600;
(b) The amount of insurance expired during the year is $16,400.
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