Adjusting Entries for Prepaid Insurance The prepaid insurance account had a balance of $8,900 at the beginning of the year. The account was debited for $9,900 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
a. The amount of unexpired insurance applicable to future periods is $1,700.
b. The amount of insurance expired during the year is $30,700.
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