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13. The balance in the prepaid insurance account before adjustment at the end of the yea r is… 1 answer below » 13. The balance in the prepaid insurance account before adjustment at the end of the yea r is $1,840, and the amount of insurance expired during the year is $720. The adjusting entry required is: (a) debit insurance expense, $720; credit prepaid insurance, $720; (b) debit pre paid insurance, $720; credit insurance expense, $720; (c) debit insurance expense, $1,120; credit prepaid insura nce, $1,120; (d) debit prepaid insurance, $1,120; credit insu rance ex pense, $1,120. Dec 01 2015 11:32 AM
