Business, 15.02.2020 02:27 rostecorralmart

The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of insurance expired during the year is $20,250. b. The amount of unexpired insurance applicable to future periods is $6,750.

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The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000....

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