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. If an amount box does not require an entry, leave it blank. fill in the blank 66acb900401ff9a_2 fill in the blank 66acb900401ff9a_3 fill in the blank 66acb900401ff9a_5 fill in the blank 66acb900401ff9a_6 b. The amount of unexpired insurance applicable to future periods is $6,750. If an amount box does not require an entry, leave it blank.

A. Dr Insurance expense$20,250

Cr Prepaid Insurance $20,250

B. Dr Insurance expense $20,250

Cr Prepaid Insurance $20,250

Explanation:

A. Preparation of the journal entry for The amount of insurance expired during the year

Dr Insurance expense$20,250

Cr Prepaid Insurance $20,250

(To record insurance expired)

B. Preparation of the journal entry for the unexpired insurance applicable to future periods

Dr Insurance expense ($27,000 - $6,750)$20,250

Cr Prepaid Insurance $20,250

(To record insurance expired)

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i would prefer to go with the news article for nate, its recent and updated and stores a lot of information