(Answered) The prepaid insurance account had a balance of 5400 at the

Accounting

The prepaid insurance account had a balance of $5,400 at the beginning of the year. The account was debited for $6,000 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 $1,000;

(b) The amount of insurance expired during the year is $10,400.

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