Adjustment for prepaid expense The prepaid insurance account

Last updated: 10/10/2023

Adjustment for prepaid expense The prepaid insurance account had a beginning balance of 7 340 and was debited for 3 230 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 4 120 If an amount box does not require an entry leave it blank Insurance Expense